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

_IMF Working Papers, October 1, 1992_

## Source details

**Canonical URL:** [Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism](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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## Bibliographic details
- Authors: Michel Galy
- Published: October 1, 1992
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451850932.001

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### Research scope and objective
- 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.

### Key findings and econometric evidence
- 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.

### Publication and metadata
- 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 and keywords
- 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

*Implementation of Monetary Policy in Ems Countries Participating in the Exchange Rate Mechanism — Michel Galy, IMF Working Paper No. 1992/087*

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_Source: 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_