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The Effect of the ERMon Participating Economies

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  • Tamim Bayoumi

Abstract

The effect of membership of the ERM on macroeconomic performance is analyzed using vector autoregression techniques. The results indicate that while the ERM has had little effect on the nature of the shocks hitting the economies, it has had a significant effect on the response of member countries to these shocks. In addition, long-time members of the ERM have significantly more correlated shocks than other countries. These results conform to the thesis that the ERM represents a move by countries with relatively similar underlying shocks to coordinate macroeconomic policy.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 91/86.

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Length: 36
Date of creation: 01 Sep 1991
Date of revision:
Handle: RePEc:imf:imfwpa:91/86

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Cited by:
  1. Stilianos Fountas & Agapitos Papagapitos, 1997. "Policy Effectiveness in the Post-ERM Era: Evidence from Six Countries," Open Economies Review, Springer, Springer, vol. 8(2), pages 189-201, April.
  2. Paul Hallwood & Ian W. Marsh & Jorg Scheibe, 2001. "Official Dollarization in Latin America: Could it Work?," Working papers, University of Connecticut, Department of Economics 2001-06, University of Connecticut, Department of Economics.
  3. Sweta C. Saxena, 2005. "Are Optimal Currency Areas Optimal for All? A Reassessment of the Case for Asian Monetary Union," International Finance, EconWPA 0508003, EconWPA.
  4. Steven Morling, 2002. "Output Adjustment in Developing Countries: a Structural Var Approach," Discussion Papers Series 307, School of Economics, University of Queensland, Australia.
  5. Bayoumi, Tamim & Bordo, Michael D, 1996. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1390, C.E.P.R. Discussion Papers.
  6. Jan Gottschalk & Willem Van Zandweghe, 2001. "Do Bivariate SVAR Models with Long-Run Identifying Restrictions Yield Reliable Results? The Case of Germany," Kiel Working Papers 1068, Kiel Institute for the World Economy.
  7. Shinji Takagi & Mototsugu Shintani & Tetsuro Okamoto, 2003. "Measuring the Economic Impact of Monetary Union: The Case of Okinawa," Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics 0315, Vanderbilt University Department of Economics.
  8. Eduardo Levy & Federico Sturzenegger, 2000. "Is EMU a Blueprint for Mercosur?," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 63-99.
  9. Weimann, Marco, 2002. "OCA theory and EMU eastern enlargement: An empirical application," Dresden Discussion Paper Series in Economics 07/02, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  10. Barry Eichengreen., 1992. "Three Perspectives on the Bretton Woods System," Economics Working Papers, University of California at Berkeley 92-191, University of California at Berkeley.
  11. Karolina Konopczak & Krzysztof Marczewski, 2011. "Why so different from other CEECs – Poland’s cyclical divergence from the euro area during the recent financial crisis," Bank i Kredyt, National Bank of Poland, Economic Institute, National Bank of Poland, Economic Institute, vol. 42(2), pages 7-30.
  12. Alina Barnett, 2007. "The effects of EU shocks on the newly acceded countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 12(4), pages 389-404.
  13. Sweta C. Saxena, 2005. "Can South Asia Adopt a Common Currency?," International Finance, EconWPA 0508001, EconWPA.
  14. Jan Gottschalk & Willem Van Zandweghe, 2003. "Do Bivariate SVAR Models with Long-Run Identifying Restrictions Yield Reliable Results? An Investigation into the Case of Germany," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 139(I), pages 55-81, March.
  15. Taufiq Choudhry, 2002. "Money-Income Relationships between Three ERM Countries," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 59-94, May.
  16. Ramon Maria-Dolores & Jose Garcia-Solanes, 2004. "Exchange Rate Regimes for the New Member States of the European Union," Econometric Society 2004 Australasian Meetings, Econometric Society 306, Econometric Society.
  17. Souki, Kaouthar, 2008. "Assessing the effects of U.S. shocks on the Canadian economy using alternative identification methods," The North American Journal of Economics and Finance, Elsevier, Elsevier, vol. 19(2), pages 193-213, August.
  18. Frenkel, Michael & Nickel, Christiane, 2005. "New European Union members on their way to adopting the Euro: An analysis of macroeconomic disturbances," Global Finance Journal, Elsevier, vol. 15(3), pages 303-320, February.
  19. Agnieszka Stazka, 2006. "Sources of Real Exchange Rate Fluctuations in Central and Eastern Europe – Temporary or Permanent?," CESifo Working Paper Series 1876, CESifo Group Munich.

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