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Models of the EMS: is Europe a Greater Deutschmark Area?

In: Global Macroeconomics: Policy Conflict and Cooperation

Author

Listed:
  • Francesco Giavazzi

    (Universita di Venezia
    CEPR)

  • Alberto Giovannini

    (Columbia University)

Abstract

Regimes of fixed exchange rates or of limited exchange-rate flexibility, like the ideal ‘target zone’ proposal or the real European Monetary System (EMS), raise the question of symmetry. Who runs monetary policy and who sets exchange-rate parities? If exchange rates are determined exogenously by a mechanical rule, does — or should — only one country run monetary policy, or does this depend on all members of the system?

Suggested Citation

  • Francesco Giavazzi & Alberto Giovannini, 1987. "Models of the EMS: is Europe a Greater Deutschmark Area?," International Economic Association Series, in: Ralph C. Bryant & Richard Portes (ed.), Global Macroeconomics: Policy Conflict and Cooperation, chapter 7, pages 237-272, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-18916-8_7
    DOI: 10.1007/978-1-349-18916-8_7
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    Citations

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    Cited by:

    1. Susan M. Collins, 1988. "Inflation and the E M S," NBER Working Papers 2599, National Bureau of Economic Research, Inc.
    2. Marcel Fratzscher & Arnaud Mehl, 2014. "China's Dominance Hypothesis and the Emergence of a Tri‐polar Global Currency System," Economic Journal, Royal Economic Society, vol. 124(581), pages 1343-1370, December.
    3. 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, Taylor & Francis Journals, vol. 5(2), pages 185-207, November.
    4. M. Isabel García Gracia, 1995. "El SME: un modelo de comportamiento asimétrico," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 3, pages 41-68, Junio.
    5. Hassapis, Christis & Pittis, Nikitas & Prodromidis, Kyprianos, 1999. "Unit roots and Granger causality in the EMS interest rates: the German Dominance Hypothesis revisited," Journal of International Money and Finance, Elsevier, vol. 18(1), pages 47-73, January.
    6. van der Ploeg, Frederick, 1989. "Fiscal Aspects of Monetary Integration in Europe," CEPR Discussion Papers 340, C.E.P.R. Discussion Papers.
    7. Daniel Gros & Timothy Lane, 1992. "Monetary policy interaction within or without an exchange-rate arrangement," Open Economies Review, Springer, vol. 3(1), pages 61-82, February.
    8. Michele Fratianni & Juergen Hagen, 1990. "German dominance in the EMS," Open Economies Review, Springer, vol. 1(1), pages 67-87, February.
    9. Alexakis, Panayotis & Apergis, Nicholas & Xanthakis, Emmanuel, 1997. "Integration of international capital markets: further evidence from EMS and non-EMS membership," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 7(3), pages 277-287, October.
    10. Bajo-Rubio, Oscar & Sosvilla-Rivero, Simon & Fernandez-Rodriguez, Fernando, 2001. "Asymmetry in the EMS: New evidence based on non-linear forecasts," European Economic Review, Elsevier, vol. 45(3), pages 451-473, March.
    11. Marcus H. Miller & John Williamson, 1991. "The International Monetary System: An Analysis of Alternative Regimes," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 279-302, National Bureau of Economic Research, Inc.
    12. Caporale, Guglielmo Maria & Kalyvitis, Sarantis & Pittis, Nikitas, 1996. "Interest rate convergence, capital controls, risk premia and foreign exchange market efficiency in the EMS," Journal of Macroeconomics, Elsevier, vol. 18(4), pages 693-714.
    13. 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. 5, pages 185-207, November.
    14. Kim, Soyoung, 2002. "Exchange rate stabilization in the ERM: identifying European monetary policy reactions," Journal of International Money and Finance, Elsevier, vol. 21(3), pages 413-434, June.
    15. Jan Philipp Fritsche & Patrick Christian Harms, 2020. "Better off without the Euro? A Structural VAR Assessment of European Monetary Policy," Discussion Papers of DIW Berlin 1907, DIW Berlin, German Institute for Economic Research.
    16. Laopodis, N. T., 1998. "Asymmetric volatility spillovers in deutsche mark exchange rates," Journal of Multinational Financial Management, Elsevier, vol. 8(4), pages 413-430, November.
    17. Fabio Milani, 2009. "Adaptive Learning and Macroeconomic Inertia in the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 47(3), pages 579-599, June.
    18. Holmes, Mark J & Pentecost, Eric J, 1997. "The Term Structure of Interest Rates and Financial Integration in the ERM," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 2(3), pages 237-247, July.
    19. di Giovanni, Julian & McCrary, Justin & Wachter, Till von, 2005. "Following Germany's Lead: Using International Monetary Linkages to Identify the Effect of Monetary Policy on the Economy," IZA Discussion Papers 1495, Institute of Labor Economics (IZA).
    20. W. Krelle & M. Badke & F. Schneider & J. Brunner & R. Vaubel & J. Melitz & C. Schmidt & A. Jaeger & D. Elixmann, 1991. "Book reviews," Journal of Economics, Springer, vol. 53(1), pages 95-127, February.
    21. George Alogoskoufis & Dong-Ho Lee & Apostolis Philippopoulos, 1998. "Exchange-Rate Regimes, Political Parties and the Inflation-Unemployment Tradeoff: Evidence from Greece," Open Economies Review, Springer, vol. 9(1), pages 39-51, January.
    22. Fabio Milani, 2009. "Adaptive Learning and Macroeconomic Inertia in the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 47(3), pages 579-599, June.
    23. Karsten Biltoft & Christian Boersch, 1992. "Interest rate causality and asymmetry in the EMS," Open Economies Review, Springer, vol. 3(3), pages 297-306, October.
    24. N. T. Laopodis, 2003. "Stochastic behaviour of Deutsche mark exchange rates within EMS," Applied Financial Economics, Taylor & Francis Journals, vol. 13(9), pages 665-676.
    25. Coles, Melvyn & Philippopoulos, Apostolis, 1997. "Are exchange rate bands better than fixed exchange rates? The imported credibility approach," Journal of International Economics, Elsevier, vol. 43(1-2), pages 133-153, August.

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