Madagascar, du régime de change fixe vers un régime de change flottant : Quels enjeux ?

Abstract

The choice of exchange rate regime is a crucial element for all open economies. The way in which the country determines the price of its currency in relation to that of foreigners is one of the pillars of current monetary policy. This article aims to explore the effects of different exchange rate regimes on the main macroeconomic aggregates of Madagascar such as inflation, balance of payments, growth rate and unemployment rate based on a graphical analysis method. on the one hand and to the study of correlation on the other hand. The result shows that with the exception of the unemployment rate, the influence of the other aforementioned variables on the exchange rate is not significant in the medium and long term. Our study reveals that the establishment of the floating exchange rate regime in Madagascar had brought slight improvements in these reference macroeconomic variables. Unfortunately, the positive impacts are not enough to get the country out of the poverty trap.