European Policy Convergence and the EMS

International Monetary Fund

No 1990/104, IMF Working Papers from International Monetary Fund

Abstract: In this paper we analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some evidence to support the “German leadership hypothesis” in the context of intra-EMS monetary policy convergence.

Keywords: WP; EMS; EMS country; intra-EMS parity; experience of the European Monetary System; EMS member; deutschmark exchange rate volatility; money supply series; EMS group; Real exchange rates; Monetary base; Exchange rates; Currencies (search for similar items in EconPapers)
Pages: 18
Date: 1990-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfwpa:1990/104

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