Imported or Home Grown? The 1992-3 EMS Crisis

Barry Eichengreen and Alain Naef

No 15340, CEPR Discussion Papers from Centre for Economic Policy Research

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: 2020-10
New Economics Papers: this item is included in nep-his and nep-mon
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Related works:
Journal Article: Imported or home grown? The 1992–3 EMS crisis (2022)
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)
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