Le modèle FIFI et la politique à moyen terme

The physico-financial model and the medium term economic policy This paper discusses the conceptual Framework of the Fifi (for physical and financial) model as developed by R. Gourbis in his theoretical model of an import-competing economy. A careful examination and a graphical interpretation of the model different from that given by Gourbis have shown that 1) existence of a solution depends on the inequality conditions that link parameters of the model, conditions not always necessarily satisfied ; and 2) even if a solution exists, some expected results drawn from the model, and important by their medium term policy implications, are not warranted when parameters are allowed to vary over time, as a consequence of the policies implemented. It is argued further that some of the central assumptions of Fifi, because of their rather short term character, may appear to be unsuited to the medium term nature of the model.The physico-financial model and the medium term economic policy This paper discusses the conceptual Framework of the Fifi (for physical and financial) model as developed by R. Gourbis in his theoretical model of an import-competing economy. A careful examination and a graphical interpretation of the model different from that given by Gourbis have shown that 1) existence of a solution depends on the inequality conditions that link parameters of the model, conditions not always necessarily satisfied ; and 2) even if a solution exists, some expected results drawn from the model, and important by their medium term policy implications, are not warranted when parameters are allowed to vary over time, as a consequence of the policies implemented. It is argued further that some of the central assumptions of Fifi, because of their rather short term character, may appear to be unsuited to the medium term nature of the model.Duc Loï Phan. Le modèle FIFI et la politique à moyen terme. In: Revue économique, volume 24, n°6, 1973. pp. 923-950