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Imported or Home Grown? The 1992-3 EMS Crisis
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. Using this index, we 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.
Link to paper: cepr.org/active/publications/discussion_papers/dp.php?dpno=15340
Date:
23 February 2021, 17:00
Venue:
Held on Zoom
Speaker:
Barry Eichengreen (UC Berkeley)
Organising department:
Department of Economics
Part of:
Economic and Social History Seminar
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Melis Clark
