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Georgelakers
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I have a feeling this year will be different.... being a reapplicant has its own nuances. I would say there is never a guarantee. We have had 2 crazy seasons now and there is nothing that is preventing it from being 3.

I would be feeling a lot better about applying to the school of your dreams if you could also improve the application. A lot of times AdCom asks and expects improvement. Not sure about your school but some ask re-applicants to submit a separate essay "What changed since your last application" which may be tricky.

Ultimately, I would side with Admissionado and say that just the fact that you have had your heart/mind set on one name and instead got admitted to another (e.g. Fuqua instead of Yale or Judge instead of Said), is not sufficient by enough to put your life on hold for a year really. There is a lot more that happens under the surface of the program and while the life the destinies are different, you are saving a year of life. On the other hand, if you have more reasons to wait, apply to a diff school, possibly need a scholarship, have a promotion coming, dealing with uncertainty, then sure. You can reapply and gamble but if it is just A = B but I like A better, that is not a good reason. Sorry. I know it is not the answer you were looking for.
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Georgelakers:

To answer your question: maybe. It depends on the program and a variety of other factors. Generally speaking, applying earlier is usually better especially if we're talking about rolling admissions so long as your application will be as "ready" as it would be if you applied later. Applying early is also much preferred if you are looking and qualify for any scholarship money.

All things being equal, I really don't know if that is going to be the difference between getting in this next year and being waitlisted this year. It probably is not, but you never know. As bb mentioned, I would not advise on rolling the dice on a reapplication strategy on this basis alone. You would need (a) need to give up your current offer (assuming no deferral, and even if you get one, then you're talking about foregoing a significant security deposit) and (b) delaying your MBA experience by a year.

Lastly, since you would be a reapplicant, you would also need to show progress since your previous application, which would be harder to do if you're talking about applying in the beginning of the new season having already applied at the end of the previous one.

Ultimately it's your call, but I would stick with the bird in the hand over the two in the bush.
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I would like to apply again to this MBA because is stronger in my country (France), but I have see that my second choice if I want do an exchange with my dream school. Do you believe that doing an exchange in my dream school will have almost the same value of attending directly that school in finding a job?

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Georgelakers:

No, it would not be the same. You can put it on your resume but you will never get the same credit has haven't graduated from that program with a proper degree.

This decision ultimately comes down to whether that delta between your second choice school and dream school is big enough to give up what you have now to reapply again in the fall. It sounds like it's fairly large for you, so (while I disagree) you should clearly want to go for it!
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Every year, all schools, offer admissions to candidates who are reapplying, the reapps. Before applying again, take some time for self-reflection. Seek feedback from multiple resources to understand what went wrong. If you can diagnose your weaknesses, it will help you to identify areas of improvement and strengthen your profile for better chances.
The crux of the matter is to create a solid plan when reapplying to your dream schools. The earlier you start the preparation, the better it will be. Take into consideration that your new application might be compared to your old one, avoid repeating mistakes and emerge as a stronger candidate in reapplications.

For more tips for MBA Reapplicants, please visit: https://aringo.com/reapplying-for-top-mba-programs-tips/