Speculative attacks or fundamentals? Empirical evidence from some European currencies

Yutaka Kurihara

Applied Economics Letters, 1999, vol. 6, issue 10, 673-675

Abstract: The European Monetary System experienced pressure on exchange rates, which led toa devaluation or a subsequent widening of bands of EMS currencies. In this paper the source(s) of pressure on the exchange rate are identified. Currency crises were caused by fundamentals in 1992; however, they were caused by speculation in 1993.

Date: 1999
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DOI: 10.1080/135048599352484

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