Exchange and Interest Rates prior to EMU: The Case of Greece

Angelos A. Antzoulatos and Bernd Wilfling

No 26325, Discussion Paper Series from Hamburg Institute of International Economics

Abstract: Recently a variety of exchange and interest rate models capturing the dynamics during the transition from an exchange rate arrangement of floating rates into a currency union have been derived. While these stochastic equilibrium models in continuous time are theoretically rigorous, a systematic and extensive empirical validation is still lacking. Using exchange and interest rate data collected prior to the Greek EMU-entrance on 1 January 2001 this paper tries to fill the gap between theory and real-world data. The analysis reveals that the formal models can explain many features of the Greek exchange and interest rate dynamics on the road to EMU.

Keywords: International; Relations/Trade (search for similar items in EconPapers)
Pages: 29
Date: 2003
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Citations: View citations in EconPapers (1)

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Working Paper: Exchange and Interest Rates prior to EMU: The Case of Greece (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:hwwadp:26325

DOI: 10.22004/ag.econ.26325

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