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German Reunification and Exchange Rate Policy in the EMS

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  • Melitz, Jacques

Abstract

This stresses that the impact of German reunification on the DM is affected by current plans to move toward monetary union in the European Community. The fundamental value of the DM is different depending upon whether Germany will be part of a larger monetary union in the year 2000, or whether instead the EMS will have survived without major realignments or else with them. As a result, the impact of decisions by the other members to follow the DM during the process of German reunification will depend partly on market interpretations of the persistence of similar decisions in the future. The same policy actions by the others will have different effects depending upon the future outlook of the EMS

Suggested Citation

  • Melitz, Jacques, 1991. "German Reunification and Exchange Rate Policy in the EMS," CEPR Discussion Papers 520, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:520
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    Citations

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    Cited by:

    1. Siebert, Horst, 1991. "German unification: the economics of transition," Kiel Working Papers 468, Kiel Institute for the World Economy (IfW Kiel).
    2. David Cobham, 1996. "Causes and Effects of the European Monetary Crises of 1992–93," Journal of Common Market Studies, Wiley Blackwell, vol. 34(4), pages 585-604, December.
    3. Hefeker, Carsten, 1994. "GMU, EMU, and the Bundesbank: The political economy of recent EMS-crises," Discussion Papers, Series II 221, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    4. C. Hefeker, 1994. "German Monetary Union, the Bundesbank and the EMS collapse," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 47(191), pages 379-398.

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