This study, "Exchange Rates in European Monetary Integration", is an empirical contribution to exchange rate theory and international monetary cooperation. The first essay, "Realignment expectations in the ERM: 1987-1992", studies the five-year period of convergence and stability in the European Monetary System (EMS). Existing literature on target zones is utilized to model and estimate devaluation expectations. The results suggest that the exchange rates gained credibility towards the end of this five-year period. German Monetary Unification (GMU) initially had positive spill-over effects on partner countries. Later these effects reversed and the system became increasingly burdened by the consequences of high German interest rates.
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