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Moving the Escudo into the Euro

Author

Listed:
  • de Macedo, J.B.
  • Nunes, L.C.
  • Covas, F.

Abstract

The paper documents how the code of conduct implied by membership of the escudo in the Exchange Rate Mechanism of the Europan Monetary System (ERM) allowed Portugal to qualify for Economic and Monetary Union (EMU), ultimately moving the currency into the euro. This unwritten code of conduct reflects the conditions under which the ERM can be seen as a convergence instrument.

Suggested Citation

  • de Macedo, J.B. & Nunes, L.C. & Covas, F., 1999. "Moving the Escudo into the Euro," Papers 1999-14, Laval - Laboratoire Econometrie.
  • Handle: RePEc:fth:lavale:1999-14
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    References listed on IDEAS

    as
    1. Bliss,Christopher & De Macedo,Jorge Braga (ed.), 1990. "Unity with Diversity in the European Economy," Cambridge Books, Cambridge University Press, number 9780521395205, April.
    2. Hamilton, James D. & Susmel, Raul, 1994. "Autoregressive conditional heteroskedasticity and changes in regime," Journal of Econometrics, Elsevier, vol. 64(1-2), pages 307-333.
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    More about this item

    Keywords

    CURRENCIES ; MONEY ; EXCHANGE RATE ; MONETARY UNION;

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F30 - International Economics - - International Finance - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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