Which Single Currency for Western Europe?
AbstractThe Maastricht Treaty calls for a single European money in the third and final stage of European monetary integration. The purpose of this paper is to infer the preferred currency from the point of view of economic agents in each EMS country by ranking the realized distributions of returns from holding foreign currencies. Those rankings are obtained using the notion of generalized stochastic dominance. The preferred currency varies with time and the portfolio considered. In all cases, the ECU is not supported as a likely dominant money. Copyright 1996 by Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of International Economics.
Volume (Year): 4 (1996)
Issue (Month): 2 (June)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576
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- Hallett, Andrew Hughes & Anthony, Myrvin L., 1997. "Exchange rate behaviour under the EMS regime: was there any systematic change?," Journal of International Money and Finance, Elsevier, vol. 16(4), pages 537-560, August.
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