Nous examinons les differences entre les pays ou le financement de la croissance est assure par l'entree de capitaux financiers et ceux ou il resulte des flux d'investissements directs etrangers (IDE). L'analyse de quelques situations nationales confirme les intuitions theoriques: le financement...

After 1999, there will be two groups of european countries: those participating in the monetary union and the others. We ask the question of the exchange rate regime between those two groups of countries: flexible rates between the countries outside the union and the union, or fixed rates?