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Full Details

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

Author(s): Edward H Gardner and William Perraudin

Publication Date: January 1993

Keyword(s): EMS, ERM and European Interest Rates

Programme Area(s): Applied Macroeconomics

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.

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Bibliographic Reference

Gardner, E and Perraudin, W. 1993. 'Asymmetry in the ERM: A Case Study of French and German Interest Rates Since Basel-Nyborg'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=753