UNSPECIFIED (1999) The collapse of the 'new EMS': An interpretation. OPEN ECONOMIES REVIEW, 10 (2). pp. 203-219. ISSN 0923-7992

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Abstract

Existing theoretical models cannot explain the following features of the EMS and its crisis in 1992: its progressive hardening from 1987 onwards; the fact that credibility was 'shared'; the progressive deterioration of credibility after the first Danish referendum without changes in the economic fundamentals. This paper argues that the reason lies in the fact that the literature has not accounted for the changes in the perceived prospects of EMU. We show that an adjustable peg regime that incorporates these prospects can explain the three features listed above.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Journal or Publication Title:	OPEN ECONOMIES REVIEW
Publisher:	KLUWER ACADEMIC PUBL
ISSN:	0923-7992
Date:	May 1999
Volume:	10
Number:	2
Number of Pages:	17
Page Range:	pp. 203-219
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/14454

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