Leader of the Pack? German Monetary Dominance in Europe Prior to EMU

Ulrich Volz
Authors registered in the RePEc Author Service: J James Reade

No 419, Economics Series Working Papers from University of Oxford, Department of Economics

Abstract: In this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and 'lead' nation Germany, to assess the hypothesis that Germany was the dominant European nation prior to EMU. By and large our econometric investigations support this hypothesis, and lead us to conclude that the only European nation to lose monetary policy independence in the light of monetary union was Germany.

Keywords: Monetary policy independence; European monetary integration; Cointegrated VAR method (search for similar items in EconPapers)
JEL-codes: C32 E52 E58 F41 F42 (search for similar items in EconPapers)
Date: 2009-01-01
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Leader of the pack? German monetary dominance in Europe prior to EMU (2011)
Journal Article: Leader of the pack? German monetary dominance in Europe prior to EMU (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:oxf:wpaper:419

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