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.
Volume (Year): 12 (2005)
Issue (Month): 8 ()
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