Limiting exchange rate flexibility: the European monetary system
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass. [u.a.]
MIT Pr.
1991
|
| Edition: | 3. print. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturverz. S. [207] - 222 |
| Physical Description: | XI, 230 S. graph. Darst. |
| ISBN: | 0262071169 |
Staff View
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Record in the Search Index
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| adam_text | Contents
Preface vii
Introduction ix
i y The Quest for Exchange Stability in Europe 1
1.1 Introduction 1
1.2 Why Are Europeans Averse to Exchange Rate Fluctuations? 2
—1.3 The Bretton Woods Experience and European Exchange Rate
Initiatives in the 1970s 19
1} What Is the EMS? 29
7 2.1 Introduction 29
2.2 Intervention Rules 32
2.3 The Very Short Term Financing Facility 37
2.4 Provisions for Changing Central Parities 40
2.5 Are EMS Exchange Rate Rules Really Important? 41
3 The Macroeconomic Impact of the EMS: Exchange Rates 43
3.1 The Issues 43
3.2 The Stochastic Properties of Bilateral Nominal Rates 45
3.3 Has the EMS Affected Real Exchange Rates? 50
3.4 Effective Exchange Rates 55
3.5 Summary of the Evidence 59
Appendix: The Data 61
« Is Europe a Greater Deutsche Mark Area? 63
4.1 Introduction 63
4.2 Evidence from Foreign Exchange Market Intervention Data 64
. 4.3 Intervention and Sterilization 67
4.4 Interest Rates 71
4.5 What Can We Learn from Estimates of Reaction Functions? 75
4.6 Concluding Remarks 82
Appendix: The Data 83
5 The Bundesbank s Reputation and the European Disinflation:
Theory and Empirical Evidence 85
5.1 Introduction 85
vi Contents
5.2 The Disinflation of the 1980s 86
5.3 Arguments in Favor of Exchange Rate Pegging 89
5.4 The Effects of Periodic Parity Realignments 104
5.5 Empirical Evidence 111
5.6 Concluding Remarks 125
Appendix A: Solution of the Model of Section 5.4 127
Appendix B: The Data 129
6 The Dollar Deutsche Mark Polarization 131
6.1 Introduction 131
6.2 European Bilateral Exchange Rates and the Dollar:
1973 87 133
6.3 The Behavior of Exchange Rates during Crises 137
6.4 Summary of the Empirical Regularities: What Needs to Be
Explained 143
6.5 Explanations of the Dollar DM Polarization 144
6.6 Evidence from Dynamic Portfolio Models 145
6.7 Exchange Controls 149
6.8 Transaction Costs and International Portfolio Allocation 152
Appendix: The Data 159
7 Capital Controls 161
7.1 Capital Controls in Regimes of Controlled Floating 161
7.2 Capital Controls in Europe 164
7.3 Onshore and Offshore Interest Rates 172
7.4 Are Interest Rate Fluctuations around Realignments
Excessive ? 179
7.5 Interest Rate Differentials and Controls on International
Capital Flows 183
f 8 What Do We Learn from the EMS Experience? 191
v 8.1 Introduction 191
8.2 Symmetric andAsymmetric International Monetary
Arrangements: The Historical Experience, the Current
Proposals, and the Evidence from the EMS 193
8.3 Inflation and the Exchange Rate Regime 195
8.4 Public Finance and the Exchange Rate Regime 198
8.5 What Next for Europe? 201
8.6 Is the EMS Exportable? 205
References 207
Index 223
|
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| author | Giavazzi, Francesco 1949- Giovannini, Alberto |
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| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4/56094 19 |
| dewey-search | 332.4/56094 19 |
| dewey-sort | 3332.4 556094 219 |
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| discipline | Wirtschaftswissenschaften |
| edition | 3. print. |
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| id | DE-604.BV005481201 |
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| indexdate | 2024-07-09T16:30:17Z |
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| spelling | Giavazzi, Francesco 1949- Verfasser (DE-588)128615249 aut Limiting exchange rate flexibility the European monetary system Francesco Giavazzi and Alberto Giovannini 3. print. Cambridge, Mass. [u.a.] MIT Pr. 1991 XI, 230 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Literaturverz. S. [207] - 222 Foreign exchange administration -- Europe Money -- Europe International finance Geschichte (DE-588)4020517-4 gnd rswk-swf Europäisches Währungssystem (DE-588)4015756-8 gnd rswk-swf Wechselkurspolitik (DE-588)4131291-0 gnd rswk-swf Wechselkursstabilität (DE-588)4079091-5 gnd rswk-swf Europa Europäisches Währungssystem (DE-588)4015756-8 s Wechselkursstabilität (DE-588)4079091-5 s DE-604 Geschichte (DE-588)4020517-4 s 1\p DE-604 Wechselkurspolitik (DE-588)4131291-0 s 2\p DE-604 Giovannini, Alberto Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003431554&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Giavazzi, Francesco 1949- Giovannini, Alberto Limiting exchange rate flexibility the European monetary system Foreign exchange administration -- Europe Money -- Europe International finance Geschichte (DE-588)4020517-4 gnd Europäisches Währungssystem (DE-588)4015756-8 gnd Wechselkurspolitik (DE-588)4131291-0 gnd Wechselkursstabilität (DE-588)4079091-5 gnd |
| subject_GND | (DE-588)4020517-4 (DE-588)4015756-8 (DE-588)4131291-0 (DE-588)4079091-5 |
| title | Limiting exchange rate flexibility the European monetary system |
| title_auth | Limiting exchange rate flexibility the European monetary system |
| title_exact_search | Limiting exchange rate flexibility the European monetary system |
| title_full | Limiting exchange rate flexibility the European monetary system Francesco Giavazzi and Alberto Giovannini |
| title_fullStr | Limiting exchange rate flexibility the European monetary system Francesco Giavazzi and Alberto Giovannini |
| title_full_unstemmed | Limiting exchange rate flexibility the European monetary system Francesco Giavazzi and Alberto Giovannini |
| title_short | Limiting exchange rate flexibility |
| title_sort | limiting exchange rate flexibility the european monetary system |
| title_sub | the European monetary system |
| topic | Foreign exchange administration -- Europe Money -- Europe International finance Geschichte (DE-588)4020517-4 gnd Europäisches Währungssystem (DE-588)4015756-8 gnd Wechselkurspolitik (DE-588)4131291-0 gnd Wechselkursstabilität (DE-588)4079091-5 gnd |
| topic_facet | Foreign exchange administration -- Europe Money -- Europe International finance Geschichte Europäisches Währungssystem Wechselkurspolitik Wechselkursstabilität Europa |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003431554&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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