| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP369 |
| DP369 The `New' EMS | |
| Luigi Spaventa; Francesco Giavazzi | |
| 发表日期 | 1990 |
| 出版年 | 1990 |
| 语种 | 英语 |
| 摘要 | This paper attempts to provide an interpretation of recent developments in the EMS. The System has evolved from a regime of adjustable, frequently adjusted parities, where capital controls provided a shelter to weaker currencies, to one where this shelter is being removed, in advance of Stage two of the Delors proposals. An understanding seems to have been reached that exchange rate realignments would be made only in exceptional circumstances. The paper sheds some light on the reasons why financial liberalization seems to have strengthened, rather than weakened the EMS, but it also explains why many in Europe today argue that the EMS with fixed exchange rates and free capital mobility may be unstable. Our findings are at odds with the expected consequences of a shift to more fixed exchange rates when inflation differentials persist and there are no capital controls. |
| 主题 | International Macroeconomics |
| 关键词 | Capital controls Economic and monetary union European monetary system |
| URL | https://cepr.org/publications/dp369 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529523 |
| 推荐引用方式 GB/T 7714 | Luigi Spaventa,Francesco Giavazzi. DP369 The `New' EMS. 1990. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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