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Imported or Home Grown? The 1992-3 EMS Crisis

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  • Barry Eichengreen
  • Alain Naef

Abstract

Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies.

Suggested Citation

  • Barry Eichengreen & Alain Naef, 2021. "Imported or Home Grown? The 1992-3 EMS Crisis," NBER Working Papers 29488, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:29488
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    Cited by:

    1. Rodrigue Dossou-Cadja, 2024. "The 1992-93 EMS Crisis and the South: Lessons from the Franc Zone System and the 1994 CFA Franc Devaluation," Working Papers 0246, European Historical Economics Society (EHES).
    2. Rodrigue Dossou-Cadja, 2025. "The 1992-93 EMS Crisis and the South: Lessons from the Franc Zone System and the 1994 CFA Franc Devaluation," Working Papers 2025.18, International Network for Economic Research - INFER.

    More about this item

    JEL classification:

    • F0 - International Economics - - General
    • F3 - International Economics - - International Finance
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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