IDEAS home Printed from
   My bibliography  Save this article

Il sistema monetario europeo: un meccanismo "flessibile" per importare credibilità


  • Giovanni Vitale


The game theory literature interprets the EMS as a disinflationary monetary regime merging a rule with an escape clause. This interpretation does not explain why the rule is implemented and it does not consider the imperfection and the asymmetry between the information sets of the players. In this paper these features are explicitly considered. The EMS is modeled as a flexible "institutional" framework within which the game between the private sector and a committed low-inflationary policy maker takes place. The model provides a simple framework for estimating the credibility of a country's participation in the EMS, without relying on particular stochastic assumptions on the process driving the fundamentals or the expectations of realignment. It shows also that the member countries can in the short run enjoy some monetary independence, without losing the credibility of their commitment. In the second part of the paper, an estimate of the credibility and of the degree of monetary independence exploited by the EMS countries is derived.

Suggested Citation

  • Giovanni Vitale, 2000. "Il sistema monetario europeo: un meccanismo "flessibile" per importare credibilità," Politica economica, Società editrice il Mulino, issue 3, pages 305-334.
  • Handle: RePEc:mul:je8794:doi:10.1429/1499:y:2000:i:3:p:305-334

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers

    File URL:
    Download Restriction: no

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mul:je8794:doi:10.1429/1499:y:2000:i:3:p:305-334. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.