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

We study empirically daily French and German interest rate changes since the Basle-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 leadersh...

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Bibliographic Details
Main Author: Perraudin, W.
Other Authors: Gardner, E.
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1992
Series:IMF Working Papers
Subjects:
Interest Rates
Government And The Monetary System
Payment Systems
Finance
Regimes
Monetary Economics
Financial Services
Short Term Interest Rates
Monetary Policy, Central Banking, And The Supply Of Money And Credit: General
Monetary Aggregates
Currency
Money
Money Supply
Foreign Exchange Intervention
Foreign Exchange
Standards
Banks And Banking
Currencies
Monetary Systems
Interest Rates: Determination, Term Structure, And Effects
Central Banks And Their Policies
Long Term Interest Rates
Exchange Rates
Monetary Policy
Money And Monetary Policy
United States
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:We study empirically daily French and German interest rate changes since the Basle-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
Physical Description:53 pages
ISBN:9781451949988

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