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

Author/Editor:

Michel Galy

Publication Date:

October 1, 1992

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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.

Series:

Working Paper No. 92/87

Subject:

English

Publication Date:

October 1, 1992

ISBN/ISSN:

9781451850932/1018-5941

Stock No:

WPIEA0871992

Format:

Paper

Pages:

26

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