Cet article participe au debat sur la soutenabilite du deficit courant americain et son financement par les banques centrales asiatiques. Les estimations usuelles de taux de change d’equilibre (TCE) aboutissent a une surevaluation du dollar et a une sous-évaluation des monnaies asiatiques....

We assess the evolution of real exchange rate misalignments within the euro area from a Fundamental Equilibrium Exchange Rate (FEER) approach. We test the robustness of the results by comparing three different estimations of the output gap. Whatever the output gap assumption, Southern countries...

Most studies on equilibrium exchange rates focus on a limited number of G7 countries. But in a situation of world imbalances, emerging countries can no longer be excluded. The study of all equilibrium exchange rates is delicate. First, the trade model has to be balanced at the aggregate level....

La résolution de la crise des dettes souveraines en zone euro repose entre autres sur un ajustement réussi des prix relatifs entre les États membres. Nous évaluons ici l'ampleur des ajustements requis à l'aide d'une méthode de calcul des taux de change effectifs réels de type FEER (taux...

The resolution of the eurozone crisis requires, amongst other things, successful relative price adjustments between member states. We estimate here the scale of the adjustments needed using fundamental equilibrium exchange rates. We suggest two scenarios of adjustments, depending on the levels...

Most studies on equilibrium exchange rates focus on a limited number of G7 countries. But in a situation of world imbalances, emerging countries can no longer be excluded. The study of all equilibrium exchange rates is delicate. First, the trade model has to be balanced at the aggregate level....

Globalization has led financial markets to be more and more correlated across countries, especially between advanced and emerging countries. We propose to shed light on the issue of financial integration in emerging countries by resorting to complementary econometric approaches. For that, we...

Globalization has led financial markets to be more and more correlated across countries, especially between advanced and emerging countries. We propose to shed light on the issue of financial integration in emerging countries by resorting to complementary econometric approaches. For that, we...