Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de change
Global macroeconomic adjustments are usually discussed first by the stylized facts and causes global imbalances and then using a Stock-Flow Consistent (SFC) models in the lines of Godley and Lavoie (2007) and Zhao and Lavoie (2010). Three models are considered. First, fixed prices, three areas with...
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Association Recherche & Régulation
2011-06-01
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| Series: | Revue de la Régulation |
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| Online Access: | https://journals.openedition.org/regulation/9277 |
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| author | Gnanonobodom Tiou-Tagba Aliti |
| author_facet | Gnanonobodom Tiou-Tagba Aliti |
| author_sort | Gnanonobodom Tiou-Tagba Aliti |
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| description | Global macroeconomic adjustments are usually discussed first by the stylized facts and causes global imbalances and then using a Stock-Flow Consistent (SFC) models in the lines of Godley and Lavoie (2007) and Zhao and Lavoie (2010). Three models are considered. First, fixed prices, three areas with a debt in local currency and with dollar-yuan fixed, but may also include conduct of reserve diversification of China’s central bank and a dollar-yuan according to floating or administered regimes. The second is a generalization of the previous one with flexible prices rather than fixed prices. The third, fixed prices, four areas with the rest of world debt in dollars, include an anchoring of the rest of world and the yuan to the dollar and three scenarios for anchoring to a basket of currencies. Faced with shocks, the fixed parity of the yuan-dollar limits the reduction of global imbalances in favor of China. Diversification of foreign exchange reserves of China’s central bank is changing the nature of adjustments, especially at the expense of the euro area because of the depreciation of the dollar that results. The flexibility of the yuan-dollar parity, however, appears as an effective way to reduce imbalances in all three models. If a freely floating of the yuan appears unrealistic in the current context, a managed exchange rate regime over the yuan-dollar parity adjustment mechanisms gives quite similar. Finally, the model with flexible prices confirms the main results obtained previously. |
| format | Article |
| id | doaj-art-d5f8d5778dad4ecfbece328904d2a3dc |
| institution | Kabale University |
| issn | 1957-7796 |
| language | English |
| publishDate | 2011-06-01 |
| publisher | Association Recherche & Régulation |
| record_format | Article |
| series | Revue de la Régulation |
| spelling | doaj-art-d5f8d5778dad4ecfbece328904d2a3dc2025-01-30T14:25:42ZengAssociation Recherche & RégulationRevue de la Régulation1957-77962011-06-01910.4000/regulation.9277Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de changeGnanonobodom Tiou-Tagba AlitiGlobal macroeconomic adjustments are usually discussed first by the stylized facts and causes global imbalances and then using a Stock-Flow Consistent (SFC) models in the lines of Godley and Lavoie (2007) and Zhao and Lavoie (2010). Three models are considered. First, fixed prices, three areas with a debt in local currency and with dollar-yuan fixed, but may also include conduct of reserve diversification of China’s central bank and a dollar-yuan according to floating or administered regimes. The second is a generalization of the previous one with flexible prices rather than fixed prices. The third, fixed prices, four areas with the rest of world debt in dollars, include an anchoring of the rest of world and the yuan to the dollar and three scenarios for anchoring to a basket of currencies. Faced with shocks, the fixed parity of the yuan-dollar limits the reduction of global imbalances in favor of China. Diversification of foreign exchange reserves of China’s central bank is changing the nature of adjustments, especially at the expense of the euro area because of the depreciation of the dollar that results. The flexibility of the yuan-dollar parity, however, appears as an effective way to reduce imbalances in all three models. If a freely floating of the yuan appears unrealistic in the current context, a managed exchange rate regime over the yuan-dollar parity adjustment mechanisms gives quite similar. Finally, the model with flexible prices confirms the main results obtained previously.https://journals.openedition.org/regulation/9277Three-country modelFour-country modelGlobal imbalancesdollareuroyuan |
| spellingShingle | Gnanonobodom Tiou-Tagba Aliti Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de change Revue de la Régulation Three-country model Four-country model Global imbalances dollar euro yuan |
| title | Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de change |
| title_full | Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de change |
| title_fullStr | Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de change |
| title_full_unstemmed | Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de change |
| title_short | Gnanonobodom Tiou-Tagba Aliti, Modélisation des déséquilibres financiers globaux et régimes de change |
| title_sort | gnanonobodom tiou tagba aliti modelisation des desequilibres financiers globaux et regimes de change |
| topic | Three-country model Four-country model Global imbalances dollar euro yuan |
| url | https://journals.openedition.org/regulation/9277 |
| work_keys_str_mv | AT gnanonobodomtioutagbaaliti gnanonobodomtioutagbaalitimodelisationdesdesequilibresfinanciersglobauxetregimesdechange |