G2TT
来源类型Discussion paper
规范类型论文
来源IDDP790
DP790 The Determinants of Realignment Expectations Under the EMS - Some Empirical Regularities
Alberto Giovannini; Zhaohui Chen
发表日期1993-07-31
出版年1993
语种英语
摘要The stability of the EMS depends crucially on the realignment expectations of market participants. In this paper we discuss how to measure such expectations and how to relate them to economic fundamentals, central bank reputation, and the institutional arrangements of the EMS. We find the following empirical regularities for FF/DM and IL/DM exchange rates: (1) expected devaluations are positively related to the current exchange rate deviation from the central parity; (2) expected devaluations are negatively related to the length of time since last realignment in the short and medium run; (3) the Basle-Nyborg agreements seem to have a stabilizing effect for both currencies examined, albeit through different channels; (4) large revaluation expectations occur immediately after devaluations. (1) and (4) are not inconsistent with the hypothesis of `over-speculation' or market inefficiency.
主题International Macroeconomics
关键词Basle-nyborg agreements Ems Exchange rates Realignment
URLhttps://cepr.org/publications/dp790
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/529953
推荐引用方式
GB/T 7714
Alberto Giovannini,Zhaohui Chen. DP790 The Determinants of Realignment Expectations Under the EMS - Some Empirical Regularities. 1993.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Alberto Giovannini]的文章
[Zhaohui Chen]的文章
百度学术
百度学术中相似的文章
[Alberto Giovannini]的文章
[Zhaohui Chen]的文章
必应学术
必应学术中相似的文章
[Alberto Giovannini]的文章
[Zhaohui Chen]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。