Evidence on the stationarity of ERM exchange rates
AbstractThis article applies standard unit root tests to the spot and forward exchange rates of four core members of the European Monetary System participating in the Exchange Rate Mechanism (ERM). In contrast to the findings of most previous studies, the results show strong evidence of stationarity for the ERM rates, for the period when there were no significant realignments in the rates.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 10 (2003)
Issue (Month): 4 ()
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