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Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basle-Nyborg

Author

Listed:
  • Mr. W. R. M. Perraudin
  • Mr. E. H. Gardner

Abstract

We study empirically daily French and German interest rate changes since the Basle-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.

Suggested Citation

  • Mr. W. R. M. Perraudin & Mr. E. H. Gardner, 1992. "Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basle-Nyborg," IMF Working Papers 1992/096, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1992/096
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    Cited by:

    1. Hyoung-kyu Chey, 2010. "Can the European Monetary System be a model for East Asian monetary cooperation?," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 15(2), pages 89-105.
    2. 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, March.

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