L'impact sectoriel du choix d'un régime de change dans une petite économie ouverte

The present paper describes a small open economy that consists of a tradable and a non-tradable sector. In that framework, the choice of an exchange rate regime implies a transfer of volatility from the production and profits of one sector to another. The expected profits of the firms of each sector depend on the exchange rate regime. Depending on the volatility of shocks and on the cost of managing the volatility of exchange rates, one may observe either a clash of interests between the two sectors or a consensus for a flexible exchange rate regime.Classification JEL : E61, F33, F41.