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Excess Returns on Irish Pound Assets in the EMS

Author

Listed:
  • Patrick Honohan

    (Economic and Social Research Institute (ESRI))

  • Charles Conroy

Abstract

This paper examines the relation between Irish and foreign short-term interest rates from the perspective of the expectations approach to understanding interest rate determination. In particular it addresses the question of whether Irish money market interest rates have been in some sense ? too high? during the EMS period. This answer depends on whether the comparison is made with German or UK interest rates. Appealing to recent developments in the theory of international interest rate linkages, we argue that German rates are the more relevant comparator. It follows that Irish money market interest rates appear to have been ?too high? on average.

Suggested Citation

  • Patrick Honohan & Charles Conroy, 1994. "Excess Returns on Irish Pound Assets in the EMS," Papers WP047, Economic and Social Research Institute (ESRI).
    • Handle: RePEc:esr:wpaper:wp047
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    File URL: https://www.esri.ie/pubs/WP047.pdf
    File Function: First version, 1994
    Download Restriction: no
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    Cited by:

    1. Patrick Honohan & Charles Conroy, 1994. "Liquidity and Irish Interest Rates," Papers WP052, Economic and Social Research Institute (ESRI).

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