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We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...
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-crisis level of liberalization. In the EU sample, however, we do not find sufficient evidence to support these observations. …
Persistent link: https://www.econbiz.de/10012022690