The stabilizing effect of the ERM on exchange rates and interest rates : an empirical investigation / prepared by Michael J. Artis and Mark P. Taylor ; authorized for distribution by Peter Clark
Annotation This paper applies nonparametric test procedures to test for a shift in the volatility of nominal and real exchange rates for ERM members and nonmembers. the results imply a reduction in volatility for the ERM members, especially during the second half of the period of operation of the ERM. We also demonstrate that this enhanced stability was not bought at the expense of increased interest rate volatility. the issue of interest rate volatility during sterlings participation in the ERM is also examined
Bibliography
Includes bibliographical references (pages 24-26)
Notes
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English
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