N ° 2014-05 Money Exchange Incongruity and World Imbalances

The objective of this paper is to study the incongruities of the exchange rate in four South-Mediterranean countries since the 1980s from a double comparative perspective. We will compare four countries (Tunisia, Turkey, Morrocco and Egypt), on the one hand, and two methodologies (FEER and BEER), on the other. Findings show that the BEER methodology may not be relevant for such countries that have gone through structural changes and important crises. Hence, for a relatively unsteady period of a country’s enconomy, the FEER methodology seems to be the most appropriate methodology thanks to its integration of structural changes. Résumé Court

East Asian Monetary Regimes and Comparison with the European Case: A Stock-Flow Consistent Approach

The Asian crisis of 1997 has shown the limits of a simple dollar peg policy and of a market-driven regional integration without formal institutions. During the 2000s a lot of efforts have been devoted to improve monetary and financial cooperation at the regional level, especially with the Chiang Mai and the Asian Bond Market initiatives. But results have been limited, mainly due to political issues associated to the competition between China and Japan. The financial crisis of 2008 has given new interest to the question of monetary cooperation at the regional level.Fil: Mazier, Jacques. Université Paris-Nord; France.Fil: Myoung-keun, On. Université Paris-Nord; France.Fil: Valdecantos, Sebastián. Universidad Nacional de Mar del Plata. Facultad de Ciencias Económicas y Sociales; Argentina