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The effects of the widening of the ERM bands on the Irish pound

Author

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  • Brendan M. Walsh

Abstract

This paper examines the bahaviour of Irish exchange rates and interest rates over two periods, one immediately before, the other immediately after, the widening of the narrow band of the Exchange Rate Mechanism of the European Monetary System in August 1993. It is shown that a benefit of the dismantling of the narrow band was that the Irish pound did not come under speculative pressure as sterling weakened late in 1994 and it was possible to check the currency's appreciation relative to sterling by a depreciation relative to the DM. Moreover, the influence of the sterling exchange rate on Irish interest rates appears to have been substantially reduced under the new regime.

Suggested Citation

  • Brendan M. Walsh, 1995. "The effects of the widening of the ERM bands on the Irish pound," Working Papers 199505, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:199505
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    File URL: http://hdl.handle.net/10197/1774
    File Function: First version, 1995
    Download Restriction: no
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    Cited by:

    1. Eichengreen, Barry & Naef, Alain, 2022. "Imported or home grown? The 1992–3 EMS crisis," Journal of International Economics, Elsevier, vol. 138(C).

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