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Exchange Rates, Policy Convergence and the European Monetary System

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Author Info
MacDonald, Ronald
Taylor, Mark P

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Abstract

In this paper we use a recently developed multivariate cointegration technique to analyse the degree of policy convergence of EMS member relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some evidence to support the `German leadership hypothesis' in the context of intra-EMS monetary policy convergence, which accords with anecdotal evidence on the modus operandi of the EMS.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 444.

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Date of creation: Aug 1990
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Handle: RePEc:cpr:ceprdp:444

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Related research
Keywords: European Monetary System; Exchange Rates; Policy Convergence;

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  1. Mark Artis, 1993. "The Role of the Exchange Rate in Monetary Policy - the Experience of Other Countries," RBA Annual Conference Volume, in: Adrian Blundell-Wignall (ed.), The Exchange Rate, International Trade and the Balance of Payments Reserve Bank of Australia. [Downloadable!]
  2. Marie Bessec, 2000. "Mean-Reversion versus PPP Adjustment: The Two Regimes of Exchange Rate Dynamics Under the EMS, 1979-1998," Econometric Society World Congress 2000 Contributed Papers 1305, Econometric Society. [Downloadable!]
  3. Philip Arestis & Kevin McCauley & Malcolm Sawyer, 1999. "From Common Market to Emu: a Historical Perspective of European Economic and Monetary Integration," Macroeconomics 9903013, EconWPA. [Downloadable!]
  4. N. T. Laopodis, 2003. "Stochastic behaviour of Deutsche mark exchange rates within EMS," Applied Financial Economics, Taylor and Francis Journals, vol. 13(9), pages 665-676, September. [Downloadable!] (restricted)
  5. Josef C. Brada & Ali M. Kutan, 2002. "Balkan and Mediterranean Candidates for European Union Membership: The Convergence of their Monetary Policy with that of the European Central Bank," William Davidson Institute Working Papers Series 456, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
    Other versions:
  6. José L. Torres, 2004. "A Non-parametric analysis of ERM exchange rate fundamentals," Economic Working Papers at Centro de Estudios Andaluces E2004/25, Centro de Estudios Andaluces. [Downloadable!]
    Other versions:
  7. Minoas Koukouritakis & Leo Michelis, 2003. "EU Enlargement: Are the New Countries Ready to Join the EMU? ," University of Cyprus Working Papers in Economics 6-2003, University of Cyprus Department of Economics. [Downloadable!]
  8. Minoas Koukouritakis & Leo Michelis, 2005. "Enlargement and Eurozone: Convergence or Divergence," Working Papers 0504, University of Crete, Department of Economics. [Downloadable!]
  9. Dominick Salvatore, 1996. "The European monetary system: Crisis and future," Open Economies Review, Springer, vol. 7(1), pages 601-623, March. [Downloadable!] (restricted)
  10. Alina Spiru, 2007. "Inflation convergence in the new EU member states," Working Papers 005221, Lancaster University Management School, Economics Department. [Downloadable!]
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