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Do Financial Markets Expect a Significant Delay before EMU ?

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  • A. Frachot

    (CREST-ENSAE)

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    Abstract

    This short note shows that there exists a simple relation between the private ECU, its theoretical value and the associated interest rates. From this relation, one can estimate the time to EMU as expected by financial markets and see whether this time is consistent with a monetary union taking place on January 1, 1999.

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    File URL: http://128.118.178.162/eps/if/papers/9707/9707003.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series International Finance with number 9707003.

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    Length: 6 pages
    Date of creation: 31 Jul 1997
    Date of revision:
    Handle: RePEc:wpa:wuwpif:9707003

    Note: Type of Document - Acrobat PDF; prepared on IBM PC ; to print on HP; pages: 6; figures: included
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    Web page: http://128.118.178.162

    Related research

    Keywords: EMU ECU;

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    1. D. F. I. Folkerts-Landau & Peter M. Garber, 1994. "Determining the Value of a Financial Unit of Account Basedon Composite Currencies," IMF Working Papers 94/72, International Monetary Fund.
    2. David Folkerts-Landau & Peter M. Garber, 1995. "Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU," IMF Staff Papers, Palgrave Macmillan, vol. 42(1), pages 134-157, March.
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