Was there Monetary Autonomy in Europe on the eve of EMU? The German Dominance Hypothesis Re-Examined

Oscar Bajo-Rubio () and M. Dolores Montávez-Garcés ()
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M. Dolores Montávez-Garcés: Universidad Pública de Navarra, http://www.econ.unavarra.es/

Journal of Applied Economics, 2002, vol. 5, 185-207

Abstract: In this paper we re-examine the German dominance hypothesis, as a way to assess whether the loss of monetary autonomy in Europe associated with EMU had been significant. We use Granger-causality tests between the interest rates of Germany and all the countries participating in the European Monetary System, with the sample period running until December 1998. Our results would support a weak version of the hypothesis, with Germany playing a certain "leadership" or special role in the EMS, although she would not have been strictly the "dominant" player.

Keywords: European monetary union; German dominance hypothesis; Granger-causality (search for similar items in EconPapers)
JEL-codes: E50 F33 F36 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (6)

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Related works:
Journal Article: Was there Monetary Autonomy in Europe on the eve of EMU? The German Dominance Hypothesis Re-Examined (2002)
Journal Article: Was There Monetary Autonomy in Europe on the Eve of Emu? the German Dominance Hypothesis Re-Examined (2002)
Working Paper: There Was Monetary Autonomy In Europe On the Eve Of Emu? The German Dominance Hypothesis Re-Examined (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:cem:jaecon:v:5:y:2002:n:2:p:185-207

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