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

Journal of Applied Economics, 2002, vol. 5, issue 2, 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 had been strictly the “dominant” player.

Date: 2002
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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)
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DOI: 10.1080/15140326.2002.12040576

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