Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism

Michel Galy

doi:10.5089/9781451850932.001.A001

Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism

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Volume/Issue:: 1992/87
Series:: IMF Working Papers
Author(s):: Michel Galy
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: October 1992
DOI:: http://dx.doi.org/10.5089/9781451850932.001
ISBN:: 9781451850932
ISSN:: 1018-5941
Page:: 26

This paper investigates the issue of monetary interdependence among members of the European Monetary System over the period 1979–91 and the leadership role attributed to the German central bank in the process of monetary integration, and looks for possible changes in central banks’ behaviors. Econometric evidence supports somewhat the German leadership role but suggests also the development of an increased interdependence between French and German monetary policies after 1981–82; meanwhile, the Italian and more recently the Spanish central banks appear to have preserved a more significant measure of monetary autonomy.

Implementation of Monetary Policy in EMS Countries Participating in the Exchange Rate Mechanism

Implementation of Monetary Policy in EMS Countries Participating in the Exchange Rate Mechanism

Article

Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism

Author(s):: Michel Galy
Published Date:: October 1992

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Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism

Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism

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