Report

Exchange Rate Policies in the Nordic Countries

The crisis in the Exchange Rate Mechanism of the EMS in 1992 and subsequent developments threw the progress of monetary integration in Europe into confusion. Prior to the crisis there had been substantial convergence of exchange rate regimes and policy stances across Europe. Central banks from Finland to Portugal adopted in essence the same policy: pegging their exchange rate to the ERM group of countries or, more specifically, the Deutsche mark.
The papers in this volume were originally presented at a conference in Helsinki as the initial turmoil broke out. Now revised in many cases to reflect the events of 1992 and 1993, they contribute to our understanding of the motivations behind the drive to peg currencies in the Nordic countries to the Deutsche mark, and of the problems these countries encountered in that process. An improved understanding of these motivations and problems is vital in assessing the prospects for monetary policy and exchange rate regimes for the remainder of the decade.

Citation

Giovannini, A and J Åkerholm (eds) (1994), ‘Exchange Rate Policies in the Nordic Countries‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries

Citation

Giovannini, A, J Zeria and E Bomhoff (1994), ‘Equilibrium Real Exchange Rate‘, in Giovannini, A and J Åkerholm (eds), Exchange Rate Policies in the Nordic Countries, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries

Citation

Sutherland, A, S Honkapohja, P Pikkarainen and B Delbeccque (1994), ‘Country Characteristics and the Choice of the Exchange Rate Regime: Are Mini-skirts Followed by Maxis?‘, in Giovannini, A and J Åkerholm (eds), Exchange Rate Policies in the Nordic Countries, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries

Citation

Nielsen, P and S Collins (1994), ‘Monetary Policy in Denmark in the Last 10 Years‘, in Giovannini, A and J Åkerholm (eds), Exchange Rate Policies in the Nordic Countries, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries

Citation

Puumanen, K, C Wyplosz and T Andersen (1994), ‘Disinflationary Stabilization Policy - Denmark in the 1980s‘, in Giovannini, A and J Åkerholm (eds), Exchange Rate Policies in the Nordic Countries, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries

Citation

Thygesen, N, L Horngren, H Lindberg and Z Chen (1994), ‘The Struggle to Turn the Sweden Krona into a Hard Currency‘, in Giovannini, A and J Åkerholm (eds), Exchange Rate Policies in the Nordic Countries, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries

Citation

Driffill, J and P Anderson (1994), ‘Disinflation Experience in Finland Compared with Other OECD Countries‘, in Giovannini, A and J Åkerholm (eds), Exchange Rate Policies in the Nordic Countries, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries

Citation

Vajanne, L, A Suvanto, L Svensson and O Lehmussaari (1994), ‘The Currency Band and Credibility: the Finnish Experience‘, in Giovannini, A and J Åkerholm (eds), Exchange Rate Policies in the Nordic Countries, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/exchange-rate-policies-nordic-countries