German Unification and the EMS: A Non-Parametric Approach to the Asymmetry Question
AbstractThis paper attempts to analyze the impact of German unification on the position that Germany holds within the European Monetary System (EMS), i.\ e.\ on the asymmetry in the EMS. Applying kernel estimation and bootstrap methods we can corroborate the result of previous studies that Germany's position within the EMS was not weakened by German unification when speculative periods before and after German unification are compared. Moreover, our data exhibit significant non-linearities pointing to threshold cointegration or regime switching processes.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 353.
Date of creation: Jan 1996
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European Monetary System (EMS); German unification; asymmetry; interest rates; speculative crises; kernel estimation; bootstrap.;
Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
- C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
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