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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.
ISSN: 1350-4851
DOI: 10.1080/13504850500425311
Source: Applied Economics Letters[ISSN 1350-4851],v. 13, p. 847-850
Appears in Collections:Artículos
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