Imported or Home Grown? The 1992-3 EMS Crisis

Barry Eichengreen and Alain Naef

No zfsq7, SocArXiv from Center for Open Science

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. Using this index, we 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.

Date: 2021-02-23
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 (2020)
Working Paper: Imported or Home Grown? The 1992-3 EMS Crisis (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:zfsq7

DOI: 10.31219/osf.io/zfsq7

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