German dominance in the European Monetary System: a reprise using robust Wald tests
This study re-examines the German dominance hypothesis in the EMS. A VAR in levels approach is adopted and modified Wald tests, which are robust to cointegration properties of the variables, are used. The findings indicate that, although Germany played a measurable role, the extent of monetary cooperation in the system was greater than previously detected.
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Volume (Year): 12 (2005)
Issue (Month): 8 ()
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References listed on IDEAS
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- Uctum, Merih, 1999.
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31690, Louisiana State University, Department of Agricultural Economics and Agribusiness.
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- Kirchgassner, Gebhard & Wolters, Jurgen, 1993. "Does the DM Dominate the Euro Market? An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 773-78, November.
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