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On the Credibility of a Target Zone: Evidence from the EMS

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Author Info
Francisco Ledesma-Rodríguez () (Universidad de La Laguna)
Manuel Navarro-Ibáñez () (Universidad de La Laguna)
Jorge Pérez-Rodríguez () (Universidad de Las Palmas de Gran Canaria)
Simón Sosvilla-Rivero () (FEDEA and Universidad Complutense de Madrid)

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Abstract

We provide some new evidence on the credibility of the Exchange Rate Mechanism of the European Monetary System. To that end, we use of several credibility indicators, analysing the complete EMS history. We also compare the prediction qualities of the different indicators, and apply them to the experience of the new ERM linking the currencies of non-euro area Member States to the euro.

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File URL: http://public.centrodeestudiosandaluces.es/pdfs/E200333.pdf
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Publisher Info
Paper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2003/33.

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Length: 44 pages
Date of creation: 2003
Date of revision:
Handle: RePEc:cea:doctra:e2003_33

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Related research
Keywords: Exchange rates; European Monetary System.;

Find related papers by JEL classification:
C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions
F31 - International Economics - - International Finance - - - Foreign Exchange
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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  1. Francisco Ledesma-Rodríguez & Jorge Pérez-Rodríguez & Simón Sosvilla-Rivero, . "An empirical examination of exchange-rate credibility determinants in the EMS," Working Papers on International Economics and Finance 04-01, FEDEA. [Downloadable!]
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  2. Francisco Ledesma-Rodríguez & Manuel Navarro-Ibáñez & Jorge Pérez-Rodríguez & Simón Sosvilla-Rivero, . "Regímenes cambiarios de facto y de iure. Una aplicación al tipo de cambio yen/dólar," Working Papers 2004-10, FEDEA. [Downloadable!]
  3. Francisco J. Ledesma-Rodríguez & Manuel Navarro-Ibáñez & Jorge V. Pérez-Rodríguez & Simón Sosvilla-Rivero, . "Regímenes cambiarios de iure y de facto. El caso de la Peseta/Dólar, 1965-1998," Working Papers on International Economics and Finance 05-03, FEDEA. [Downloadable!]
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