Imported or Home Grown? The 1992-3 EMS Crisis
Keyword(s):
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.
1995 ◽
Vol 39
(3-4)
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pp. 501-508
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2004 ◽
Vol 26
(6)
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pp. 661-673
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1989 ◽
Vol 11
(4)
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pp. 513-531
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1991 ◽
Vol 3
(2)
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pp. 147-180
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