This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...

The US-Dollar has inflated the world. Its vehicle is the present international monetary system of pegged exchange rates. This system which was introduced to stimulate International trade and division of labour between the different countries became an important promoter of world wide inflation.

Applying a t-DCC-GARCH model to daily spread data, four phases of interaction in euro area sovereign bond markets are identified between January 2008 and June 2013. The initial period (January-October 2008) is followed by a general rise in pairwise correlation values between November 2008 and...

As the recent struggles connected with the readjustment of exchange rates within the European Monetary System have shown, the relatively unproblematic "running in" period of the EMS, which was supposed to be a constructive contribution to the creation of a more viable international monetary...

The switch to floating exchange rates during the 1970s has given economists the first comprehensive opportunity to assess the arguments for and against floating. Much new work has been done on various aspects of floating exchange rate behaviour. This article attempts a limited survey of the...

For many years, the guardians of the world's currency system have tried to cure the symptoms of its illness. They were not even altogether unsuccessful in their attempts to maintain the system of Bretton Woods. But its shortcomings are still conspicuous. One crisis after another occurs, and the...