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Imported or Home Grown? The 1992-3 EMS Crisis

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  • Eichengreen, Barry
  • Naef, Alain

Abstract

Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies.

Suggested Citation

  • Eichengreen, Barry & Naef, Alain, 2021. "Imported or Home Grown? The 1992-3 EMS Crisis," SocArXiv zfsq7_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:zfsq7_v1
    DOI: 10.31219/osf.io/zfsq7_v1
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