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The European Monetary System


  • Giavazzi,Francesco
  • Micossi,Stefano
  • Miller,Marcus


The European Monetary System (EMS) has, since its inception in 1979, provided a fascinating example of policy co-ordination in practice. As concern about exchange-rate instability and global economic imbalances has grown, both academic researchers and policy-makers have looked to the EMS for lessons about co-operation on a wider scale. This volume contains the papers and proceedings of an October 1987 conference organised by the Centre for Economic Policy Research in co-operation with the Banca d'Italia and the Centro Interuniversitario di Studi Teorici per la Politica Economica (STEP). The conference brought together distinguished academics and practitioners from eleven European central banks. The papers offer a timely summary of current research, while the concluding panel discussion provides a valuable perspective on the concerns of policy-makers. This will be the definitive publication on the EMS for some years to come, and hence a basic reference for anyone interested in the international monetary system and policy co-ordination.

Suggested Citation

  • Giavazzi,Francesco & Micossi,Stefano & Miller,Marcus (ed.), 1989. "The European Monetary System," Cambridge Books, Cambridge University Press, number 9780521389051, May.
  • Handle: RePEc:cup:cbooks:9780521389051

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    References listed on IDEAS

    1. Prebisch, Raúl, 1950. "The economic development of Latin America and its principal problems," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 29973, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Justin Yifu Lin, 2011. "New Structural Economics: A Framework for Rethinking Development," World Bank Research Observer, World Bank Group, vol. 26(2), pages 193-221, August.
    3. Justin Yifu Lin, 2012. "New Structural Economics : A Framework for Rethinking Development and Policy," World Bank Publications, The World Bank, number 2232.
    4. Lin, Justin Yifu, 2003. "Development Strategy, Viability, and Economic Convergence," Economic Development and Cultural Change, University of Chicago Press, vol. 51(2), pages 276-308, January.
    5. Dirk Willem te Velde & Justin Lin & Célestin Monga & Suresh D. Tendulkar & Alice Amsden & K. Y. Amoako & Howard Pack & Wonhyuk Lim, 2011. "DPR Debate: Growth Identification and Facilitation: The Role of the State in the Dynamics of Structural Change," Development Policy Review, Overseas Development Institute, vol. 29(3), pages 259-310, May.
    6. Lin, Justin Yifu, 1992. "Rural Reforms and Agricultural Growth in China," American Economic Review, American Economic Association, vol. 82(1), pages 34-51, March.
    7. Gene M. Grossman & Elhanan Helpman, 1996. "Electoral Competition and Special Interest Politics," Review of Economic Studies, Oxford University Press, vol. 63(2), pages 265-286.
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    Cited by:

    1. Favero, Carlo A. & Giavazzi, Francesco & Iacone, Fabrizio & Guido Tabellini, 2000. "Extracting information from asset prices: The methodology of EMU calculators," European Economic Review, Elsevier, vol. 44(9), pages 1607-1632, October.
    2. Susan M. Collins & Francesco Giavazzi, 1993. "Attitudes toward Inflation and the Viability of Fixed Exchange Rates: Evidence from the EMS," NBER Chapters,in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 547-586 National Bureau of Economic Research, Inc.
    3. Charles Wyplosz, 1997. "EMU: Why and How It Might Happen," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 3-21, Fall.
    4. Andrew Hughes-Hallett & Patrick Minford, 1990. "Target zones and exchange rate management: A stability analysis of the European Monetary System," Open Economies Review, Springer, vol. 1(2), pages 175-200, June.

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