Exchange Rates, Policy Convergence and the European Monetary System
Опубликовано на портале: 11-11-2004
Review of Economics and Statistics.
1991.
Vol. 73.
No. 3.
P. 553-558.
Тематический раздел:
In this paper we use a recently developed multivariate cointegration technique to
analyze the degree of policy convergence of EMS member relative to that of some non-EMS
countries. Interestingly, we find convergence for the nominal and real exchange rates
and money supplies of the EMS members but not for the non-EMS countries. We also
provide some evidence to support the "German leadership hypothesis" in the context
of intra-EMS monetary policy convergence, which accords with anecdotal evidence on
the modus operandi of the EMS.
Ключевые слова
european monetary system foreign exchange rate money supply policy convergence валютный курс деньги европейская валютная система запас денег
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