EconPapers    
Economics at your fingertips  
 

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

J James Reade () and Ulrich Volz

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: E52 E58 F41 F42 C32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2009-01-01
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (3) Track citations by RSS feed

Downloads: (external link)
http://www.economics.ox.ac.uk/materials/working_papers/paper419.pdf (application/pdf)

Related works:
Journal Article: Leader of the pack? German monetary dominance in Europe prior to EMU (2011) Downloads
Journal Article: Leader of the pack? German monetary dominance in Europe prior to EMU (2011) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:oxf:wpaper:419

Access Statistics for this paper

More papers in Economics Series Working Papers from University of Oxford, Department of Economics
Contact information at EDIRC.
Series data maintained by Caroline Wise ().

 
Page updated 2014-12-16
Handle: RePEc:oxf:wpaper:419