ERM crisis in retrospect: What if a European central bank had been in existence before 1992?

Kuo-chun Yeh and Tai-kuang Ho ()

Economic Modelling, 2011, vol. 28, issue 4, 1526-1535

Abstract: This paper explores whether policy coordination or a single monetary policy implemented earlier would have kept the U.K. in the process of European monetary integration. On the basis of the pre-ERM crisis empirics by Douven and Plasmans (1996), a counterfactual game simulation approach is used, and five scenarios are established for comparison with the actual historical records. The final answer is negative.

Keywords: Counterfactual; analysis; European; Monetary; System; Currency; crisis (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecmode:v:28:y:2011:i:4:p:1526-1535

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