Séances 2, 3 et 4

Un très bon manuel pour l'économie internationale est International Economics: Theory and Policy, 9/e by Paul R. Krugman, Maurice Obstfeld and Marc Melitz (KOM ci-dessous), Pearson (2011)

Une version française Paul R. Krugman, Maurice Obstfeld existe aussi. Les deux sont disponibles en bibliothèque.

Séance n°2 : Système financier international et déséquilibres mondiaux  (03/02)

 Supports de cours

- Global currencies for tomorrow: a European perspective
by Ignazio Angeloni, Agnès Bénassy-Quéré, Benjamin Carton, Christophe Destais, Zsolt Darvas, Jean Pisani-Ferry, André Sapir, Shahin Vallée on 23rd July 2011

- Réformer le système monétaire international, Rapport Conseil d'Analyse Economique, de Agnès Bénassy-Quéré, Emmanuel Farhi, Pierre-Olivier Gourinchas, Jacques Mistral, Jean Pisani-Ferry et Hélène Rey, 2011

- Alan Taylor, 2004, Global Finance:Past and Present

- Kevin H. O'Rourke and Jeffrey G. Williamson Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy, MIT press, 1999.

- Ronald Findlay & Kevin H. O'Rourke, Power and Plenty: Trade, War, and the World Economy in the Second Millennium, Princeton University Press,2007

- Olivier Blanchard and Gian Maria Milesi-Ferretti, 2009, Global Imbalances: In Midstream?

- Obstfeld M. and K. Rogoff, 2009, Global Imbalances and the Financial Crisis: Products of Common Causes

- Janet Yellen, 2011, " Improving the International Monetary System"
- Maurice Obstfeld "Lenders of Last Resort in a Globalized World"

Articles plus techniques:

- Gourinchas, P.-O. H. Rey and N. Govillot, 2010, Exorbitant Privilege and exorbitant duty.

- Gourinchas P.-O. and H. Rey, 2005, ‘From world banker to world venture capitalist: US external adjustment and the “exorbitant privilege”’, (in "G7 Current Account Imbalances: Sustainability and Adjustment", Richard Clarida, editor, The University of Chicago Press, 2007, pp11-55

- Lane, Philip R., and Gian Maria Milesi-Ferretti. 2007. “The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970–2004.” Journal of International Economics, 73(2): 223-250.

US data on the Balance of payments

Balance des paiemenst, France

Séance n°3 : Politique monétaire et guerre des monnaies (10/02)

Support de cours

 * KOM : chapter 14, 15, 17 et 18

* KOM : chapter 16 (sur l'effet Balassa-Samuelson et la détermination du taux de change de long terme)

The ‘Strong Dollar’ Policy of the US: Alice-in-Wonderland Semantics vs. Economic Reality, Willem Buiter and Ebrahim Rahbari, May 2011

Plus techinque sur le modèle d'overshooting: Rogoff, Kenneth, "Dornbusch's Overshooting Model after 25 Years," IMF Staff Papers 49 (Special Issue 2002): 1-34.

How to assess the renminbi's underevaluation? Vox, December 2009

Plus technique: Pitfalls in Measuring Exchange Rate Misalignment The Yuan and Other Currencies, Cheung,  Chinn and Fujii

"Will it hurt? Macroeconomic effects of fiscal consolidation", IMF World Economic Outlook, october 2010

Rethinking macro policy, O. Blanchard, G. Dell'Ariccia  and P. Mauro in VOX

* How big are fiscal multipliers? E. Ilzetzki, E. Mendoza and C.Vegh, CEPR policy insight

Mohanty and Scatigna " Has globalisation reduced monetary policy independence? "

R. Portes, Currency wars and the emerging market countries, VOX, October  2010

M. Bordo  and O. F Humpage, Currency wars: Lessons from the US experience: 1973-95, Vox, Oct. 2011

Plus technique: M. Obstfeld, J. Shambaugh and A. Taylor, Financial Stability, the Trilemma, and International Reserves

Sur les flux de capitaux vers les pays émergents et leur politique monétaire:

What drives surges in capital flows?  Atish R Ghosh   Mahvash Saeed Qureshi

Capital inflows, exchange-rate flexibility, and credit booms, Nicolas Magud   Carmen M Reinhart   Esteban R Vesperoni

Internationalization of Emerging Market Currencies--A Balance Between Risks and Rewards IMF Staff Discussion Notes No. 11/17

Séance n°4 : Crise de la zone Euro  (17/02)

Support de cours (note: le modèle de crise sur la dette publique avec anticipations auto-réalisatrices -slides en anglais - ne sera pas étudié en cours)

From Financial Crash to Debt Crisis, Carmen M. Reinhart and Kenneth S. Rogoff, NBER Working Paper No. 15795 2010
Monetary Policy When One Size Does Not Fit All, By Fernanda Nechio

Euro crisis: Martin Wolf FT November 23 2011

The breakup of the euro area, Barry Eichengreen, NBER chapter

The future of the euro area: fiscal union, break-up or blundering towards a ‘you break it you own it Europe’, by Willem Buiter and Ebrahim Rahbari, September 2011

On the benefits and costs of a monetary union, Francesco Paolo Mongelli, CEPR Policy insight

Italy's days in the eurozone maybe numbered, Nouriel Roubini, Nov. 2011

Why breaking up is so hard to do By Martin Wolf, September 2011

The governance of a fragile eurozone, Paul de Grauwe, April 2011

On multiple equilibria eurozone style, The Economist, October 2011

IMF Global Financial Stability Report, September 2011

On Greece and the fiscal crisis, CEPR Policy Insight by Willem Buiter and Ebrahim Rahbari, October 2010

Martin Wolf on the euro crisis, Financial Times, September 2011

Sur les développements les plus récents voir ces analyses:

The Euro crisis and the new impossible trinity, Jean Pisani-Ferry, Bruegel, January 2012

The ECB’s trillion euro bet, Charles Wyplosz, VOX.EU, Fevrier 2012

Plus technique:

U. Panizza, F. Sturzenegger, and J. Zettelmeye, Journal of Economic Literature 2009, The Economics and Law of Sovereign Debt and Default

P-0 Gourinchas and M. Obstfeld, Stories of the Twentieth Century for the Twenty-First, NBER Working Paper No. 17252, July 2011