Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basel-Nyborg

We study empirically daily French and German interest rate changes since the Basel-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree of leadership of German monetary policy in the ERM. We conclude that Germany's leadership role within the ERM largely disappeared in the year following unification, but that the Bundesbank has recently begun to reassert its predominance.

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Year of publication:	1993-01
Authors:	Gardner, Edward H ; Perraudin, William
Institutions:	C.E.P.R. Discussion Papers
Subject:	EMS \| ERM \| European Interest Rates

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Extent:	application/pdf
Series:	CEPR Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 753
Classification:	E40 - Money and Interest Rates. General ; E50 - Monetary Policy, Central Banking and the Supply of Money and Credit. General ; F36 - Financial Aspects of Economic Integration
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005067378