Alternative Intervention Rules in the Exchange Markets of the European Monetary System

Paul Grauwe and Paul Bergh

Chapter 3 in Exchange Rate Policy, 1982, pp 101-134 from Palgrave Macmillan

Abstract: Abstract In this paper some aspects of the functioning of the European monetary system (EMS) are investigated. Three issues will be analysed. First, the choice of the currency in the intervention policies is studied. In particular the question will be asked what difference it makes to choose between an EMS currency or an external currency (the dollar) for the adjustment mechanism in the national money markets.

Keywords: Exchange Rate; Interest Rate; Spot Rate; Foreign Exchange Market; Currency Union (search for similar items in EconPapers)
Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-16863-7_4

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DOI: 10.1007/978-1-349-16863-7_4

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