Exchange Rate Arrangements between the Ins and the Outs
AbstractThis paper analyses several issues. First, it describes the main features of ERM II and compares them with those of ERM I as it evolved during the 1980s and 1990s. Second, it analyses whether, and under what conditions, ERM II will be more successful than its predecessor in avoiding disruptive speculative crises. To do so, it uses both new theoretical insights about the factors that affect the occurrence of speculative crises and an historical analysis of the turbulence within ERM I.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1640.
Date of creation: May 1997
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Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
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