G2TT
来源类型Discussion paper
规范类型论文
来源IDDP502
DP502 The European Monetary System: Achievements and Survival
Patrick Minford; Andrew Hughes Hallett; Anupam Rastogi
发表日期1991
出版年1991
语种英语
摘要The EMS's robustness in the face of stochastic shocks is studied, using the Liverpool World Model and the optimal strategy algorithm of Brandsma and Hughes Hallett. The EMS began life in 1979 with a system design permitting regular parity changes; we find this design to be relatively unstable, even without monetary policy reaction, and potentially highly unstable under Nash non-cooperative monetary policy, essentially because EMS countries that should be followers make over-active use of monetary policy and parity changes. Tough exchange controls (clearly some temporary controls are a practical requirement for EMS survival in times of parity crisis) do not reduce instability, indeed can make it worse. However, monetary cooperation between EMS member removes much of the instability for EMS members; limiting parity change on its own does not help. Floating with non-cooperative monetary policy remains more stable than any EMS regime, for both the EMS and non-EMS groups of countries. The paper offers an explanation, based on institutional survival and evolution, of the changes in the EMS's mode of operation since 1979.
主题International Macroeconomics
关键词European monetary system Floating exchange rates Regime shifts Stability
URLhttps://cepr.org/publications/dp502
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/529658
推荐引用方式
GB/T 7714
Patrick Minford,Andrew Hughes Hallett,Anupam Rastogi. DP502 The European Monetary System: Achievements and Survival. 1991.
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