Biltoft, Karsten; Boersch, Christian - In: Open Economies Review 3 (1992) 3, pp. 297-306
This paper investigates the hypothesis of an asymmetric EMS under German leadership in the period from 1983 to 1991. The approach adopted was to undertake Granger-causality tests on daily observations of changes in interest rates. For the group of core countries we find that, in recent years,...