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The Determinants of Realignment Expectations Under the EMS : Some Empirical Regularities
Chen, Zhaohui; Giovannini, Alberto - 2021
The stability of the EMS depends crucially on realignment expectations of the market participants. In this paper we discuss how to measure such expectations and how to relate them to economic fundamentals, central bank reputation, and institutional arrangements of the EMS. We find the following...
Persistent link: https://www.econbiz.de/10013237565
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The Currency Reform as the Last Stage of Economic and Monetary Union : Some Policy Questions
Giovannini, Alberto - 2021
The paper discusses the policy problems of a project aimed at substituting several national currencies with one single currency. While these problems are of general interest, the analysis is motivated by the plan for Economic and Monetary Union among the members of the European Community. The...
Persistent link: https://www.econbiz.de/10013239962
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Can the European Monetary System Be Copied Outside Europe? Lessons from Ten Years of Monetary Policy Coordination in Europe
Giavazzi, Francesco; Giovannini, Alberto - 2021
This paper addresses the question of whether the European Monetary System can be copied outside Europe. Our answer is … negative. The EMS is just one element of a more comprehensive design of institutional integration within Europe: the presence … to EMS exchange rate targets in a way that would not be present. say, among the United States, Europe and Japan. The EMS …
Persistent link: https://www.econbiz.de/10013247407
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How Do Fixed-Exchange-Rates Regimes Work : the Evidence from the Gold Standard, Bretton Woods and the EMS
Giovannini, Alberto - 2013
This paper defines two competing hypotheses on the working of fixed exchange rates. The quot;symmetryquot; hypothesis states that every country is concerned with the good functioning of the system, and cannot afford to deviate from world averages. Every country is just left to follow the rules...
Persistent link: https://www.econbiz.de/10012754653