Dynamique des taux de change à l'intérieur du SME

Sanvi Avouyi-Dovi and Jean-Pierre Laffargue

Annals of Economics and Statistics, 1994, issue 35, 47-85

Abstract: This paper gives an interpretation of the working of the EMS in the eighties. On one hand French franc, Belgium franc, and Irish pound, appear to have been stabilized around implicit central parities, which were revised from time to time. On the other hand, lira and Danish crown have followed a random walk with jumps. The econometric method we have used, computes implicit central parities, the times of their realignments and the probabilities that the market gave to them for the near future.

Date: 1994
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Related works:
Working Paper: Dynamique des taux de change à l'intérieur du SME (1993)
Working Paper: Dynamique des taux de change a l'interieur du SMU (1992)
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1994:i:35:p:47-85

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