Dynamique des taux de change à l'intérieur du SME
This paper gives an interpretation of the working of the EMS in the eighties. On one hand French franc, Belgium franc, and Irish pound, appear to have been stabilized around implicit central parities, which were revised from time to time. On the other hand, lira and Danish crown have followed a random walk with jumps. The econometric method we have used, computes implicit central parities, the times of their realignments and the probabilities that the market gave to them for the near future.
Year of publication: |
1994
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Authors: | AVOUYI-DOVI, Sanvi ; LAFFARGUE, Jean-Pierre |
Published in: |
Annales d'Economie et de Statistique. - École Nationale de la Statistique et de l'Admnistration Économique (ENSAE). - 1994, 35, p. 47-85
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Publisher: |
École Nationale de la Statistique et de l'Admnistration Économique (ENSAE) |
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