Fluctuations et Régimes de Change
AbstractThis paper investigates the consequences of the Bretton Woods system and the EMS on business cycle properties. For both exchange rate regimes, we observe a disconnect between the volatility of the exchange rate and that of its fundamentals. EMS members exhibit higher synchronization as far as GDP, consumption and investment are concerned. In contrast, there is no systematic relationship between interdependence and the fall of the Bretton Woods system.
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Bibliographic InfoArticle provided by ENSAE in its journal Annals of Economics and Statistics.
Volume (Year): (2002)
Issue (Month): 66 ()
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