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Exchange Rate Arrangements between the Ins and the Outs

Author

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  • De Grauwe, Paul

Abstract

This paper analyses several issues. First, it describes the main features of ERM II and compares them with those of ERM I as it evolved during the 1980s and 1990s. Second, it analyses whether, and under what conditions, ERM II will be more successful than its predecessor in avoiding disruptive speculative crises. To do so, it uses both new theoretical insights about the factors that affect the occurrence of speculative crises and an historical analysis of the turbulence within ERM I.

Suggested Citation

  • De Grauwe, Paul, 1997. "Exchange Rate Arrangements between the Ins and the Outs," CEPR Discussion Papers 1640, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1640
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    Citations

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    Cited by:

    1. Jean-Pierre Allegret & Marie-Noëlle Calès, 2001. "Attaques spéculatives et crédibilité du régime de change. Quel arbitrage pour le policy-mix ?," Revue Économique, Programme National Persée, vol. 52(2), pages 249-264.
    2. Heiko Fritz & Hans-Jürgen Wagener, 2003. "Währungspolitische Optionen für die ostmitteleuropäischen EU-Beitrittskandidaten," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 72(4), pages 611-623.
    3. Mariam Camarero & Javier Ordóñez & Cecilio Tamarit, 2002. "The Euro-Dollar Exchange Rate: Is it Fundamental?," CESifo Working Paper Series 798, CESifo.
    4. Marie-Noëlle Cales, 1999. "Les enjeux du rattachement des monnaies du Maghreb à l'euro," Revue d'Économie Financière, Programme National Persée, vol. 52(2), pages 147-161.
    5. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
    6. McCauley, R.N., 1997. "The Euro and the Dollar," Princeton Essays in International Economics 205, International Economics Section, Departement of Economics Princeton University,.
    7. Heather D. Gibson & Euclid Tsakalotos, 2005. "EU Enlargement, ERM II and Lessons from the Southern European countries," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 3(1), pages 41-78.
    8. Maurice Obstfeld, 1997. "Europe's Gamble," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 241-317.
    9. Alesina, Alberto Francesco, 1997. "Comments on 'Europe's Gamble' by M. Obstfeld," Scholarly Articles 12553725, Harvard University Department of Economics.

    More about this item

    Keywords

    Exchange Rate; Maastricht Treaty; Monetary Integration;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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