|Title:||An empirical examination of exchange-rate credibility determinants in the EMS||Authors:||Ledesma Rodríguez,Francisco
Pérez Rodríguez, Jorge Vicente
Sosvilla Rivero,Simón Javier
|UNESCO Clasification:||531008 Acuerdos monetarios internacionales||Keywords:||Sistema monetario europeo||Issue Date:||2006||Publisher:||1350-4851||Journal:||Applied Economics Letters||Abstract:||This study provides empirical evidence on the determinants of exchange rate credibility under the European Monetary System (EMS). To that end, it considers both economic variables and political factors using data of eight currencies participating in the Exchange Rate Mechanism, covering the complete EMS history (1979 to 1998). The results suggest that the level of international reserves, the real interest rate and right-wing governments would have positively affected the credibility of a given central parity, while the unemployment rate and the inflation rate would have negatively influenced such credibility.||URI:||http://hdl.handle.net/10553/47040||ISSN:||1350-4851||DOI:||10.1080/13504850500425311||Source:||Applied Economics Letters[ISSN 1350-4851],v. 13, p. 847-850|
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