Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerged from that episode as regards the future of the European Monetary Union? This book provides a comprehensive assessment of the causes and implications of the 1992-93 crisis of the exchange rate mechanism. Cogent factual presentation, original theoretical analysis, and an interpretation rooted in theory, make this treatment by three leading economists essential reading to understand the process toward economic and political integration in Europe.
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Book Description
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Book Description
Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerge from that episode as regards the future of the European Monetary Union? This book provides a comprehensive assessment of the causes and implications of the 1992-93 crisis of the exchange rate mechanism. Superb factual presentation, an original theoretical analysis, and an interpretation rooted in theory, makes this provocative monograph by three leading economists essential reading to understand the process toward economic and political integration in Europe.
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Inside This Book
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First Sentence:
Since 1979, the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) has represented the cornerstone of monetary policy strategies in Europe and the most ambitious experiment in international monetary and exchange rate cooperation of the post-Bretton Woods era. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
multiple instantaneous equilibria, international policy spillovers, devaluation threshold, nominal exchange rate flexibility, microeconomic efficiency arguments, reunification shock, coordinated realignment, devaluation rate, periphery countries, generalized devaluation, unilateral peg, equity constraint, effective real exchange rate, devaluation cost, bilateral real exchange rate, optimal monetary policy, international factor mobility, limiting exchange rate flexibility, policy multipliers, countries devalue, real economic performance, exchange rate crises, domestic credibility, perfect credibility, demand boom Key Phrases - Capitalized Phrases (CAPs): (learn more)
United Kingdom, United States, Bretton Woods, Maastricht Treaty, Black Wednesday, European Council, Bank of England, Bank of Spain, Delors Report, European Monetary System, Treaty of Rome, European Community, Commission of the European Communities, East Germany, Helmut Schlesinger, Member State, West German, Western Europe New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Since 1979, the Exchange Rate Mechanism (ERM) of the European Monetary System (EMS) has represented the cornerstone of monetary policy strategies in Europe and the most ambitious experiment in international monetary and exchange rate cooperation of the post-Bretton Woods era. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
multiple instantaneous equilibria, international policy spillovers, devaluation threshold, nominal exchange rate flexibility, microeconomic efficiency arguments, reunification shock, coordinated realignment, devaluation rate, periphery countries, generalized devaluation, unilateral peg, equity constraint, effective real exchange rate, devaluation cost, bilateral real exchange rate, optimal monetary policy, international factor mobility, limiting exchange rate flexibility, policy multipliers, countries devalue, real economic performance, exchange rate crises, domestic credibility, perfect credibility, demand boom Key Phrases - Capitalized Phrases (CAPs): (learn more)
United Kingdom, United States, Bretton Woods, Maastricht Treaty, Black Wednesday, European Council, Bank of England, Bank of Spain, Delors Report, European Monetary System, Treaty of Rome, European Community, Commission of the European Communities, East Germany, Helmut Schlesinger, Member State, West German, Western Europe New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 35
books:
See all 35 books this book cites
4
books
cite this book:
- The European Monetary System by Francesco Giavazzi on 5 pages
- Economic Policy 32 by Georges De Menil on 4 pages
- European Monetary Integration by Daniel Gros in Back Matter (1), and Back Matter (2)
- The International Monetary System: Essays in World Economics by Richard N. Cooper in Back Matter (1), and Back Matter (2)
- Woodrow Wilson by H. W. Brands in Back Matter
See all 35 books this book cites
- Exchange Rate Volatility, Trade, and Capital Flows under Alternative Exchange Rate Regimes (Japan-US Center UFJ Bank Monographs on International Financial Markets) by Piet Sercu in Front Matter
- Evolving Financial Markets and International Capital Flows: Britain, the Americas, and Australia, 1865-1914 (Japan-US Center UFJ Bank Monographs on International Financial Markets) by Lance E. Davis in Front Matter
- Global Capital Markets: Integration, Crisis, and Growth (Japan-US Center UFJ Bank Monographs on International Financial Markets) by Maurice Obstfeld in Front Matter
- Financial Crises in Emerging Markets by Reuven Glick on page 105
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