| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP845 |
| DP845 The European Monetary System and the Theory of Target Zones | |
| Patrick Honohan | |
| 发表日期 | 1993-09-30 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | In credible target zone regimes, exchange rates should, according to Krugman's 1991 theory, spend a disproportionate amount of time near the edges of the fluctuation band. The major application of this theory has been to the European Monetary System (EMS), with several authors reporting that exchange rate data for the EMS do not display this feature, but in contrast cluster towards the middle of the band. We show that such findings result from neglect of the multi-currency nature of the EMS and are overturned when account is taken of the full set of intervention obligations. |
| 主题 | International Macroeconomics |
| 关键词 | European monetary system Exchange rates Target zones |
| URL | https://cepr.org/publications/dp845 |
| 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/529993 |
| 推荐引用方式 GB/T 7714 | Patrick Honohan. DP845 The European Monetary System and the Theory of Target Zones. 1993. |
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