There Was Monetary Autonomy In Europe On the Eve Of Emu? The German Dominance Hypothesis Re-Examined

Oscar Bajo-Rubio () and Maria Dolores Montavez ()

No 9906, Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra from Departamento de Economía - Universidad Pública de Navarra

Abstract: In this paper we re-examine the German dominance hypothesis, as a way to assess whether the loss of monetary autonomy in Europe associated with EMU had been significant. We use Granger-causality tests between the interest rates of Germany and all the countries participating at any time in the European Monetary System, with the sample period running until December 1998. Our results would support a weak version of the hypothesis, with Germany playing a certain ³leadership² or special role in the EMS, although she would not had been strictly the ³dominant² player.

Keywords: European monetary union; German dominance hypothesis; Granger-causality (search for similar items in EconPapers)
JEL-codes: E50 F33 F36 (search for similar items in EconPapers)
Pages: 20 pages
Date: 1999
New Economics Papers: this item is included in nep-eec and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Related works:
Journal Article: Was there Monetary Autonomy in Europe on the eve of EMU? The German Dominance Hypothesis Re-Examined (2002)
Working Paper: There was monetary autonomy in Europe on the eve of EMU?. The German dominance hypothesis re-examined
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Persistent link: https://EconPapers.repec.org/RePEc:nav:ecupna:9906

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