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Monetary Discipline, Germany, and the European Monetary System

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  • Melitz, Jacques

Abstract

This paper explores the hypothesis that the non-German members of the European Monetary System (EMS) draw benefits from the system because of the monetary discipline that it imposes upon them. The hypothesis explains the dominant position of Germany in the EMS and is consistent with the evidence that membership has induced several countries to disinflate more than they would have done otherwise. Analysis shows, however, that the required conditions for the hypothesis to work are very stringent. Even if the conditions are met, the non-German members could obtain the advantages of monetary discipline in other ways.

Suggested Citation

  • Melitz, Jacques, 1987. "Monetary Discipline, Germany, and the European Monetary System," CEPR Discussion Papers 178, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:178
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    Citations

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    Cited by:

    1. Hyoung-kyu Chey, 2010. "Can the European Monetary System be a model for East Asian monetary cooperation?," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 15(2), pages 89-105.
    2. M. Isabel García Gracia, 1995. "El SME: un modelo de comportamiento asimétrico," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 3, pages 41-68, Junio.
    3. Dumitriu, Ramona & Stefanescu, Razvan, 2013. "Provocările politicii monetare [Monetary policy challenges]," MPRA Paper 50261, University Library of Munich, Germany, revised 28 Sep 2013.
    4. van der Ploeg, Frederick, 1989. "Fiscal Aspects of Monetary Integration in Europe," CEPR Discussion Papers 340, C.E.P.R. Discussion Papers.
    5. Thierry Warin, 2006. "A Note on Post-Modern Monetary Policy," Middlebury College Working Paper Series 0617, Middlebury College, Department of Economics.
    6. Jon Faust & Dale W. Henderson, 2004. "Is inflation targeting best-practice monetary policy?," Review, Federal Reserve Bank of St. Louis, vol. 86(Jul), pages 117-144.
    7. Paul Grauwe, 1996. "The economics of convergence: Towards monetary union in Europe," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 132(1), pages 1-27, March.
    8. Michele Fratianni & Juergen Hagen, 1990. "German dominance in the EMS," Open Economies Review, Springer, vol. 1(1), pages 67-87, February.
    9. H.P. Grãœner & C. Hefeker, 1995. "Domestic pressures and the exchange rate regime: why economically bad decisions are politically popular?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(194), pages 331-350.
    10. van der Ploeg, Frederick, 1989. "Fiscal Aspects of Monetary Integration in Europe," CEPR Discussion Papers 340, C.E.P.R. Discussion Papers.
    11. Thierry Warin, 2005. "Monetary Policy: From Theory to Practices," Middlebury College Working Paper Series 0508, Middlebury College, Department of Economics.

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