Can the EMS Be Exported? Lessons from Ten Years of Monetary Policy Coordination in Europe
AbstractThis paper addresses the question of whether the European Monetary System can be copied outside Europe. Our answer is negative. The presence of the EC and the dependence of EC institutions on exchange rate stability lend credibility to EMS exchange rate targets in a way that would not be present, say, among the United States, Europe and Japan. The EMS has also reproduced previous experiences of fixed exchange rates by not imposing the exchange rate constraint symmetrically on all member countries: the System has de facto worked as a Deutschmark zone, confirming that the institution of fixed rates per se cannot induce international monetary cooperati.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 285.
Date of creation: Jan 1989
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- Francesco Giavazzi & Alberto Giovannini, 1989. "Can the EMS be Exported? Lessons from Ten Years of Monetary Policy Coordination in Europe," Working Papers 68, Dipartimento Scienze Economiche, Universita' di Bologna.
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- Alberto Montagnoli & Andros Gregoriou & Alexandros Kontonikas, 2007. "Euro Area Inflation Differentials: Unit Roots, Structural Breaks and Non-Linear Adjustment," Working Papers 2007_13, Business School - Economics, University of Glasgow.
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