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In this paper a new method for speech synthesis is proposed. It relies on a source-filter decomposition of the speech signal by means of an ARX-LF model. This model allows the representation of the glottal signal as the sum of an LF waveform and a residual signal. The residual information is then analyzed by HNM. This signal representation enables high quality speech modification such as pitch, duration or even voice quality transformation. Experiments performed on a real speech database show the relevance of the proposed method as compared to other existing approaches.