{
  "title": "Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism",
  "publication": "IMF Working Papers, October 1, 1992",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/implementation-of-monetary-policy-in-ems-countries-participating-in-the-exchange-rate-mechanism-838",
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  "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.",
  "sections": [
    {
      "heading": "Research scope and objective",
      "content": "- Investigates monetary interdependence among members of the European Monetary System over the period 1979–91.\n- Examines the leadership role attributed to the German central bank in the process of monetary integration.\n- Looks for possible changes in central banks’ behaviors during the sample period."
    },
    {
      "heading": "Key findings and econometric evidence",
      "content": "- Econometric evidence supports somewhat the German leadership role.\n- Evidence suggests the development of an increased interdependence between French and German monetary policies after 1981–82.\n- The Italian central bank appears to have preserved a more significant measure of monetary autonomy.\n- The Spanish central bank more recently (relative to the sample) also appears to have preserved a more significant measure of monetary autonomy."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Author: Michel Galy\n- Publication date: October 1, 1992\n- Series: Working Paper No. 1992/087\n- Issue: 087\n- Volume: 1992\n- Pages: 26\n- DOI: https://doi.org/10.5089/9781451850932.001\n- Stock No: WPIEA0871992\n- ISBN: 9781451850932\n- ISSN: 1018-5941"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects: Balance of payments, Banking, Capital controls, Central banks, Currencies, Exchange rates, Foreign exchange, Inflation, International reserves, Money, Prices\n- Keywords: Capital controls, Currencies, deutsche mark, ERM country, ERM interest rate, Exchange rates, German interest rate, Inflation, interest rate, International reserves, reaction function, WP\n\nImplementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism — Michel Galy, IMF Working Paper No. 1992/087\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/implementation-of-monetary-policy-in-ems-countries-participating-in-the-exchange-rate-mechanism-838"
    }
  ],
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    "Authors: Michel Galy",
    "Published: October 1, 1992",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451850932.001",
    "Investigates monetary interdependence among members of the European Monetary System over the period 1979–91.",
    "Examines the leadership role attributed to the German central bank in the process of monetary integration.",
    "Looks for possible changes in central banks’ behaviors during the sample period.",
    "Econometric evidence supports somewhat the German leadership role.",
    "Evidence suggests the development of an increased interdependence between French and German monetary policies after 1981–82.",
    "The Italian central bank appears to have preserved a more significant measure of monetary autonomy.",
    "The Spanish central bank more recently (relative to the sample) also appears to have preserved a more significant measure of monetary autonomy.",
    "Author: Michel Galy",
    "Publication date: October 1, 1992",
    "Series: Working Paper No. 1992/087",
    "Issue: 087",
    "Volume: 1992",
    "Pages: 26",
    "DOI: https://doi.org/10.5089/9781451850932.001",
    "Stock No: WPIEA0871992",
    "ISBN: 9781451850932",
    "ISSN: 1018-5941",
    "Subjects: Balance of payments, Banking, Capital controls, Central banks, Currencies, Exchange rates, Foreign exchange, Inflation, International reserves, Money, Prices",
    "Keywords: Capital controls, Currencies, deutsche mark, ERM country, ERM interest rate, Exchange rates, German interest rate, Inflation, interest rate, International reserves, reaction function, WP"
  ],
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