Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basel-Nyborg

Edward H Gardner and William Perraudin

No 753, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We study empirically daily French and German interest rate changes since the Basel-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree of leadership of German monetary policy in the ERM. We conclude that Germany's leadership role within the ERM largely disappeared in the year following unification, but that the Bundesbank has recently begun to reassert its predominance.

Keywords: EMS; ERM; European Interest Rates (search for similar items in EconPapers)
JEL-codes: E40 E50 F36 (search for similar items in EconPapers)
Date: 1993-01
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Citations: View citations in EconPapers (4)

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