CURRENCY SUBSTITUTION AND EXCHANGE-RATE VOLATILITY IN THE EUROPEAN-COMMUNITY
成果类型：
Article
署名作者：
CANZONERI, MB; DIBA, BT
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90024-R
发表日期：
1993
页码：
351-365
关键词：
摘要：
Some proponents of a European monetary union worry that capital mobility and currency substitution will result in unmanageable exchange rate volatility during the transition to monetary union. In this paper we analyze stylized models of exchange rate fluctuation in response to monetary disturbances. We find that if monetary policies within the Community are convergent, higher currency substitution either reduces or does not significantly change the volatility of exchange rates unless there are anticipations of a final realignment.