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Credibility, Interest Rates and the ERM: The Irish Experience

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  • Walsh, Brendan
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    Abstract

    This paper examines the effects on short-term interest rates of stabilizing the Irish pound in the exchange rate mechanism of the European Monetary System since 1986. It is shown that Irish interest rates came increasingly under the influence of German rates but British rates continued to exert a significant influence. Moreover, the markets viewed the Irish commitment to the exchange rate mechanism as contingent on a sustainable exchange rate against sterling. The markets viewed Ireland's exchange rate mechanism peg as unsustainable after the devaluation of sterling in September 1992. Copyright 1993 by Blackwell Publishing Ltd

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    Bibliographic Info

    Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

    Volume (Year): 55 (1993)
    Issue (Month): 4 (November)
    Pages: 439-52

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    Handle: RePEc:bla:obuest:v:55:y:1993:i:4:p:439-52

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    Cited by:
    1. Massimo Guidolin & Stuart Hyde, 2009. "What tames the Celtic Tiger? Portfolio implications from a Multivariate Markov Switching model," Applied Financial Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 19(6), pages 463-488.
    2. Honohan, Patrick & FitzGerald, John & Honohan, Patrick, 1996. "Adapting to Regime Change," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, pages 10-36 Economic and Social Research Institute (ESRI).
    3. Kelly, Jane & FitzGerald, John & Honohan, Patrick, 1996. "The Tourism Sector," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, chapter 11, pages 321-338 Economic and Social Research Institute (ESRI).
    4. Baker, Terence J. & FitzGerald, John & Honohan, Patrick, 1996. "Economic Implications for Ireland of EMU," Research Series, Economic and Social Research Institute (ESRI), Economic and Social Research Institute (ESRI), number PRS28.
    5. Baker, Terence J. & FitzGerald, John & Honohan, Patrick & FitzGerald, John & Honohan, Patrick, 1996. "Summary and Conclusions," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, chapter 12, pages 339-352 Economic and Social Research Institute (ESRI).
    6. Duggan, Delma & FitzGerald, John & Johnston, Justin & Kavanagh, Ella & FitzGerald, John & Honohan, Patrick, 1996. "Macroeconomic Response to Shocks," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, chapter 5, pages 105-142 Economic and Social Research Institute (ESRI).
    7. Massimo Guidolin & Stuart Hyde, 2008. "Equity portfolio diversification under time-varying predictability and comovements: evidence from Ireland, the US, and the UK," Working Papers, Federal Reserve Bank of St. Louis 2008-005, Federal Reserve Bank of St. Louis.
    8. FitzGerald, John & Honohan, Patrick & FitzGerald, John & Honohan, Patrick, 1996. "Overall Macroeconomic Assessment," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, chapter 6, pages 143-169 Economic and Social Research Institute (ESRI).
    9. Baker, Terence J. & Duffy, David & Duggan, Delma & FitzGerald, John & Honohan, Patrick, 1996. "The Manufacturing Sector," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, chapter 7, pages 174-221 Economic and Social Research Institute (ESRI).
    10. Guidolin, Massimo & Hyde, Stuart, 2008. "Equity portfolio diversification under time-varying predictability: Evidence from Ireland, the US, and the UK," Journal of Multinational Financial Management, Elsevier, Elsevier, vol. 18(4), pages 293-312, October.
    11. Duggan, Delma & FitzGerald, John & Johnston, Justin & Kelly, Jane & FitzGerald, John & Honohan, Patrick, 1996. "The Macroeconomy in Stable Conditions," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, pages 50-86 Economic and Social Research Institute (ESRI).
    12. Francisco Ledesma-Rodriguez & Manuel Navarro-Ibanez & Jorge Perez-Rodriguez & Simon Sosvilla-Rivero, 2000. "On the Credibility of the Irish Pound in the EMS," The Economic and Social Review, Economic and Social Studies, Economic and Social Studies, vol. 31(2), pages 151-172.
    13. Baker, Terence J. & FitzGerald, John & Honohan, Patrick & FitzGerald, John & Honohan, Patrick, 1996. "Introduction," Book Chapters, Economic and Social Research Institute (ESRI), in: Baker, Terence J. (ed.), Economic Implications for Ireland of EMU, chapter 1, pages 1-9 Economic and Social Research Institute (ESRI).

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