The paper presents estimates of a model of the credibility of the U.K. commitment to its central parity against the … deutsche mark during the period of U.K. ERM membership (1990-92). The measure of credibility used is the long-term interest … differential with Germany. Credibility is decomposed into two aspects: an assessment of whether the government was truly committed …

, challenged the full credibility of the Swiss National Bank (SNB) in enforcing the lower barrier implemented in September 6, 2011 …, reaching a level of nearly 50%. The credibility of the SNB in maintaining the floor, as seen from the option market, was thus …