Ethique du policy maker et dynamique macroéconomique en régime de CurrencyBoard : le cas de Djibouti

Abstract

This communication focuses on the Djibouti monetary system based on the currency board. We highlight the conditions of its emergence, and stability after independence. This system certainly has the advantage of relying on a monetary rule limiting drifts economic policy. It establishes a dynamic development based not on the discretion, but the rules of convertibility and coverage of foreign exchange reserves. The anchoring of expectations does not have to be confronted with the ethics of policy maker and respect for good governance criteria. However, the risk of a stall with the reference currency -i.e. the US dollar- exist given excessive external debt and structural budget deficit and the current account. Add to that the weak governance in the management of public affairs. Simulations of the sustainability of external debt indicate that risks are important.