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Implicit bands in the Spanish peseta/Deutschmark exchange rate, 1965-1998

Francisco Ledesma (), Manuel Navarro-Ibáñez (), Jorge Pérez-Rodríguez () and Simon Sosvilla-Rivero ()

Applied Financial Economics, 2007, vol. 17, issue 11, 921-932

Abstract: The objective of this article is to identify implicit bands for the Spanish peseta/Deutschmark exchange rate. To this end, based on the 'natural' classification approach suggested by Reinhart and Rogoff (2004), we propose a statistical test to assess the statistical significance of the outcome of their classifying algorithm. The test is applied to the period 1965-1998, indicating our results existence of fluctuation bands in the 1980s and 1990s, before and after the entry of the peseta into the European Monetary System.

Date: 2007
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DOI: 10.1080/09603100600843916

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