EconPapers    
Economics at your fingertips  
 

La "guerre des monnaies": un jeu déstabilisant ?

Cyriac Guillaumin () and Helene Raymond

Post-Print from HAL

Abstract: The financial and economic crisis that began in 2008 has exacerbated the global monetary and financial disorders. In the absence of coordination mechanisms between monetary policies some major economies have issued liquidity through quantitative easing policies, and thereby depreciated their exchange rates, to recover more rapidly from the crisis. The resulting inflow of international liquidity in emerging countries has put some appreciation pressure on their currencies and led to a revival of capital controls. The impact of quantitative easing (QE) policies remains difficult to assess both on developed and emerging countries. In this paper, we aim to contribute to this literature by testing whether the QE measures of the US, British and Japanese central banks have increased exchange rates mis¬alignments. To this end we estimate equilibrium exchange rates in panel data, using annual data between 1980 and 2015, for 21 currencies. We then assess the impact of major QE policies on exchange rates misalignments. We find that QE policies have increased misalignments: they appear to delay the correction of misalignments, though the speed of correction remains relatively high.

Keywords: monnaie; politique monétaire; taux de change; système monétaire international; données de panel (search for similar items in EconPapers)
Date: 2017
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01677218
References: Add references at CitEc
Citations: Track citations by RSS feed

Published in Revue Economique, Presses de Sciences Po, 2017, 68 (hors-série), pp. 107-127

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01677218

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().

 
Page updated 2021-07-29
Handle: RePEc:hal:journl:halshs-01677218