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Interest Rate Linkages within the European Monetary System: Further Analysis

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Author Info
Katsimbris, George M
Miller, Stephen M

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Abstract

J. Costas Karfakis and Demetrios M. Moschos (1990) examine the interest rate linkages within the European Monetary System (EMS), concluding that the German interest rate plays a dominate role within the EMS. The authors reexamine the interest rate linkages within the EMS with the addition of the interest rate of the United States. Their results suggest that both the United States and German interest rates play an important, but not dominant, role in EMS interest rate linkages. Copyright 1993 by Ohio State University Press.

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File URL: http://links.jstor.org/sici?sici=0022-2879%28199311%2925%3A4%3C771%3AIRLWTE%3E2.0.CO%3B2-3&origin=bc
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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 25 (1993)
Issue (Month): 4 (November)
Pages: 771-79
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Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:4:p:771-79

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  1. Oscar Bajo-Rubio & M. Dolores Montávez-Garcés, 2002. "Was there Monetary Autonomy in Europe on the eve of EMU? The German Dominance Hypothesis Re-Examined," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 185-207, November. [Downloadable!]
  2. Christopher F Baum & John Barkoulas, 2002. "Dynamics of Intra-EMS Interest Rate Linkages," Computing in Economics and Finance 2002 13, Society for Computational Economics. [Downloadable!]
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  3. Fernando González & Simo Launonen, 2005. "Towards European monetary integration - the evolution of currency risk premium as a measure for monetary convergence prior to the implementation of currency unions," Working Paper Series 569, European Central Bank. [Downloadable!]
  4. Bergin, Paul & Jorda, Oscar, 2000. "Monetary Policy Coordination: A New Empirical Approach," Working Papers 01-2, University of California at Davis, Department of Economics. [Downloadable!]
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  5. Angelos Kanas & Georgios Tsiotas, 2005. "Real interest rates linkages between the USA and the UK in the postwar period," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 10(3), pages 251-262. [Downloadable!]
  6. Nicholas Sarantis, Chris Stewart, 2000. "The ERM Effect, Conflict and Inflation in the European Union," International Review of Applied Economics, Taylor and Francis Journals, vol. 14(1), pages 25-43, January. [Downloadable!] (restricted)
  7. Michael Frömmel & Robinson Kruse, 2009. "Interest rate convergence in the EMS prior to European Monetary Union," CREATES Research Papers 2009-23, School of Economics and Management, University of Aarhus. [Downloadable!]
  8. Devine, Máiréad, 1997. "The Cointegration of International Interest rates," Research Technical Papers 1/RT/97, Central Bank & Financial Services Authority of Ireland (CBFSAI). [Downloadable!]
  9. Heejoon Kang, 1999. "The Applied Cointegration Analysis for the Open Economy: A Critical Review," Open Economies Review, Springer, vol. 10(3), pages 325-346, July. [Downloadable!] (restricted)
  10. Song-Zan Chiou Wei & Zhen Zhu, 2004. "Equality of interest rates revisited: the multi-country evidence," International Economic Journal, Korean International Economic Association, vol. 18(2), pages 245-257, June. [Downloadable!] (restricted)
  11. Vuyyuri, S., 2004. "Linkages of Indian Interest Rates with US and Japanese Rates," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 4(2). [Downloadable!]
  12. Oscar Bajo & Maria Dolores Montavez, 1999. "There Was Monetary Autonomy In Europe On the Eve Of Emu? The German Dominance Hypothesis Re-Examined," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9906, Departamento de Economía - Universidad Pública de Navarra. [Downloadable!]
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  13. Alfonso Novales & Emilio Domínguez, 2002. "Dynamic correlations and forecasting of term structure slopes in eurocurrency market," Documentos del Instituto Complutense de Análisis Económico 0226, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales. [Downloadable!]
  14. Darren Pain & Ryland Thomas, . "Real Interest Rate Linkages: Testing for Common Trends and Cycles," Bank of England working papers 65, Bank of England. [Downloadable!]
  15. Nikiforos Laopodis, 2001. "International Interest-Rate Transmission and the “German Dominance Hypothesis†Within EMS," Open Economies Review, Springer, vol. 12(4), pages 347-377, October. [Downloadable!] (restricted)
  16. P J Perez & D R Osborn & M Sensier, 2003. "Business Cycle Affiliations in the Context of European Integration," Centre for Growth and Business Cycle Research Discussion Paper Series 29, Economics, The Univeristy of Manchester. [Downloadable!]
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  17. Mark J. Holmes, 2000. "The Velocity of Circulation: some new evidence on international integration," International Review of Applied Economics, Taylor and Francis Journals, vol. 14(4), pages 449-459, October. [Downloadable!] (restricted)
  18. Mete Feridun, 2006. "An Investigation Of The German Dominance Hypothesis In The Context Of Eastern Enlargement Of The Eu," Prague Economic Papers, University of Economics, Prague, vol. 2006(2), pages 172-182. [Downloadable!] (restricted)
  19. Hali J. Edison & Linda S. Kole, 1994. "European monetary arrangements: implications for the dollar, exchange rate variability and credibility," International Finance Discussion Papers 468, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  20. John Thornton & Alicia García-Herrero, 1997. "Additional evidence on monetary base and interest rate linkages in the EMS," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 133(2), pages 359-368, 06. [Downloadable!] (restricted)
  21. Tigran Poghosyan & Jakob de Haan, 2007. "Interest Rate Linkages in EMU Countries: A Rolling Threshold Vector Error-Correction Approach," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  22. Alfonso Novales & Emilio Domínguez, 2002. "A factor model of term structure slopes in eurocurrency markets," Documentos del Instituto Complutense de Análisis Económico 0224, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales. [Downloadable!]
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  23. Bergin, Paul & Jorda, Oscar, 2002. "Measuring Monetary Policy Interdependence," Working Papers 06-9, University of California at Davis, Department of Economics. [Downloadable!]
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