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The Irish pound and the ERM : lessons from the September crisis and its aftermath

Author

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  • Brendan M. Walsh

Abstract

This paper examines the effects of the EMS crisis of September 1992 on the Irish pound. A review of the Irish experience in the exchange rate mechanism is presented, including an assessment of the extend to which the hard-currency peg pursued after the devaluation of 1986 could be said to have gained credibility for the Irish pound. The behaviour of the Irish interest rates in the aftermath of of sterling's departure form the ERM and the reasons for the protracted attempt to avert a devaluation of the Irish pound are studied. Some implications for progress towards a monetary union in Europe are drawn.

Suggested Citation

  • Brendan M. Walsh, 1993. "The Irish pound and the ERM : lessons from the September crisis and its aftermath," Working Papers 199314, School of Economics, University College Dublin.
    • Handle: RePEc:ucn:wpaper:199314
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    File URL: http://hdl.handle.net/10197/1718
    File Function: First version, 1993
    Download Restriction: no
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    Citations

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    Cited by:

    1. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
    2. Francisco Ledesma Rodríguez & Manuel Navarro Ibáñez & Jorge Pérez Rodríguez & Simón Sosvilla Rivero, 2008. "The Credibility of the European monetary System:A Review," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 31(86), pages 005-034, Mayo-Agos.
    3. Eichengreen, Barry, 1993. "The Crisis in the EMS and the Transition to EMU: An Interim Assessment," Center for International and Development Economics Research (CIDER) Working Papers 233203, University of California-Berkeley, Department of Economics.

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