Imported or home grown? The 1992-3 EMS crisis

• 成果类型: Article
• 署名作者: Eichengreen, Barry; Naef, Alain
• 署名单位: University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); European Central Bank; Bank of France
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2022.103654
• 发表日期: 2022
• 关键词: Foreign exchange market intervention; European monetary system; Currency crisis; erm

摘要

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.(c) 2022 Elsevier B.V. All rights reserved.