Do Financial Markets Expect a Significant Delay before EMU ?
This short note shows that there exists a simple relation between the private ECU, its theoretical value and the associated interest rates. From this relation, one can estimate the time to EMU as expected by financial markets and see whether this time is consistent with a monetary union taking place on January 1, 1999.
|Date of creation:||31 Jul 1997|
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- David Folkerts-Landau & Peter M. Garber, 1995.
"Determining the Value of a Financial Unit of Account Based on Composite Currencies: The Case of the Private ECU,"
IMF Staff Papers,
Palgrave Macmillan, vol. 42(1), pages 134-157, March.
- D. F. I. Folkerts-Landau & Peter M. Garber, 1994. "Determining the Value of a Financial Unit of Account Basedon Composite Currencies: The Case of the Private Ecu," IMF Working Papers 94/72, International Monetary Fund.
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