Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basel-Nyborg
AbstractWe study empirically daily French and German interest rate changes since the Basel-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree of leadership of German monetary policy in the ERM. We conclude that Germany's leadership role within the ERM largely disappeared in the year following unification, but that the Bundesbank has recently begun to reassert its predominance.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 753.
Date of creation: Jan 1993
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Other versions of this item:
- W. R. M. Perraudin & E. H. Gardner, 1992. "Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basle-Nyborg," IMF Working Papers 92/96, International Monetary Fund.
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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- Mali J. Edison & Linda S. Kole, 1995.
"European monetary arrangements: Implications for the dollar, exchange rate variability and credibility,"
European Financial Management,
European Financial Management Association, vol. 1(1), pages 61-86.
- Hali J. Edison & Linda S. Kole, 1994. "European monetary arrangements: implications for the dollar, exchange rate variability and credibility," International Finance Discussion Papers 468, Board of Governors of the Federal Reserve System (U.S.).
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