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The EMS, The Dollar and the Yen

Author

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  • Dornbusch, Rudiger

Abstract

The paper investigates four challenges to exchange rate stability in the coming years and explores their implications for macroeconomic and exchange rate policy. The first section explores the importance of seigniorage in financing the government budget in Southern European countries. The second issue concerns real interest rates. The third obstacle to exchange rate stability is the continuing, sizeable overvaluation of the dollar. The paper also discusses excess capital mobility and the rationality of exchange markets, and endorses the Tobin proposal for market segmentation.

Suggested Citation

  • Dornbusch, Rudiger, 1987. "The EMS, The Dollar and the Yen," CEPR Discussion Papers 216, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:216
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    Cited by:

    1. Vittorio U. Grilli, 1988. "Seigniorage in Europe," NBER Working Papers 2778, National Bureau of Economic Research, Inc.
    2. Jean Pisani-Ferry, 1994. "Union monétaire et convergence : qu'avons nous appris ?," Working Papers 1994-14, CEPII research center.

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