Imported or home grown? The 1992–3 EMS crisis

Barry Eichengreen and Alain Naef

Journal of International Economics, 2022, vol. 138, issue C

Abstract: Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992–3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies.

Keywords: Foreign exchange market intervention; European monetary system; Currency crisis; ERM (search for similar items in EconPapers)
JEL-codes: E5 F31 N14 N24 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Related works:
Working Paper: Imported or Home Grown? The 1992-3 EMS Crisis (2021)
Working Paper: Imported or Home Grown? The 1992-3 EMS Crisis (2021)
Working Paper: Imported or Home Grown? The 1992-3 EMS Crisis (2020)
Working Paper: Imported or Home Grown? The 1992-3 EMS Crisis (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:inecon:v:138:y:2022:i:c:s0022199622000861

DOI: 10.1016/j.jinteco.2022.103654

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