Limiting Exchange Rate Flexibility: The European Monetary System.

Economica ◽  
1991 ◽  
Vol 58 (230) ◽  
pp. 261
Author(s):  
George Alogoskoufis ◽  
F. Giavazzi ◽  
A. Giovannini
Keyword(s):  
Exchange Rate ◽  
European Monetary System ◽  
European Monetary ◽  
Exchange Rate Flexibility ◽  
Monetary System

Limiting Exchange Rate Flexibility: The European Monetary System.

1990 ◽  
Vol 100 (402) ◽  
pp. 1004
Author(s):  
Alec Chrystal ◽  
Francesco Giavazzi ◽  
Alberto Giovannini
Keyword(s):  
Exchange Rate ◽  
European Monetary System ◽  
European Monetary ◽  
Exchange Rate Flexibility ◽  
Monetary System

Exchange rate expectations and risk premia in the European Monetary System: 1985?1991

1994 ◽  
Vol 5 (4) ◽  
pp. 347-360 ◽  
Author(s):  
Stefano M. F. G. Cavaglia ◽  
Kees G. Koedijk ◽  
Peter J. G. Vlaar
Keyword(s):  
Exchange Rate ◽  
European Monetary System ◽  
Risk Premia ◽  
European Monetary ◽  
Monetary System ◽  
Exchange Rate Expectations

Self-Fulfilling and Fundamentals Based Speculative Attacks: A Theoretical Interpretation of the Euro Area Crisis

2016 ◽  
Vol 16 (3) ◽  
pp. 459-478 ◽  
Author(s):  
Pompeo Della Posta
Keyword(s):  
Exchange Rate ◽  
Euro Area ◽  
European Monetary System ◽  
Point Of View ◽  
Theoretical Interpretation ◽  
Costs And Benefits ◽  
European Monetary ◽  
Economic Fundamentals ◽  
Monetary System ◽  
The Government

The recent euro area crisis shows some similarities with the fixed exchange rate crisis that affected the European Monetary System in 1992–93. I argue that the theoretical framework to be used in order to analyze them should also be similar. As a matter of fact, in both cases, the point of view of the government (that compares costs and benefits of its action) should be considered together with the point of view of speculators, who look at the state of the economic fundamentals in order to decide whether to launch an attack or not. This allows to represent and to interpret, among other things, both the initial “honeymoon” years of EMU and the recent euro area crisis.

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