Interventions de change en Asie et taux de change d'équilibre du dollar (notice n° 593834)
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| fixed length control field | 02460cam a2200265 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121150647.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Carton, Benjamin |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Interventions de change en Asie et taux de change d'équilibre du dollar |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2006.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 52 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | RésuméCet article participe au débat sur la soutenabilité du déficit courant américain et son financement par les banques centrales asiatiques. Les estimations usuelles de taux de change d’équilibre (TCE) aboutissent à une surévaluation du dollar et à une sous-évaluation des monnaies asiatiques. L’introduction des interventions de change dans un modèle FEER montre que celles-ci sont en partie responsables de ces mésalignements. Ces interventions modifient, par ailleurs, le comportement des investisseurs. Le TCE des monnaies flexibles vis-à-vis du dollar varie suivant que les flux de capitaux privés s’ajoutent aux flux publics pour financer un fort déficit courant américain ou que les investisseurs privés s’inquiètent du caractère non soutenable de la balance courante américaine et réduisent leurs entrées nettes de capitaux aux États-Unis.Classification JEL : F31 ; F32 ; F36. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This paper addresses the sustainability of the US current account deficit and its financing by the Asian central banks. The usual estimates of the equilibrium exchange rates (EER) find that the US dollar is overvalued whereas the Asian currencies are undervalued. This results partly from exchange rate interventions as their introduction in a FEER model shows. Moreover these interventions change the way investors behave. The EER of flexible currencies against the US dollar vary according to whether private capital inflows remain unchanged and contribute to finance the huge US current account deficit or private investors are worried and reduce their inflows into the US. JEL Classification: F31; F32; F36. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | taux de change d'équilibre |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | interventions |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | soutenabilité |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | equilibrium exchange rates |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | interventions |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | sustainability |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Hervé, Karine |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Terfous, Nadia |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Économie internationale | 106 | 2 | 2006-06-01 | p. 57-83 | 1240-8093 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-economie-internationale-2006-2-page-57?lang=fr&redirect-ssocas=7080">https://shs.cairn.info/revue-economie-internationale-2006-2-page-57?lang=fr&redirect-ssocas=7080</a> |
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