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

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Author Info

  • W. R. M. Perraudin
  • E. H. Gardner

Abstract

We 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 Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/96.

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Length: 53
Date of creation: 01 Nov 1992
Date of revision:
Handle: RePEc:imf:imfwpa:92/96

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Related research

Keywords: Interest rates; European Monetary System;

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Cited by:
  1. 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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