Who is ruling Europe? Empirical Evidenceon the German Dominance Hypothesis

The aim of this paper is to analyze the hypotheses of German dominanceand asymmetry in the European Monetary System (EMS).Weuse monthly data for British, Dutch, French, German, Italian, Spanishand US interest rates from January 1979 to the second half of 1997. Inparticular, we test the stability of the implied long-run relationshipsto assess whether there has been a signi…cant change in the EMSperformance. The econometric methodology is based on Johansen’smaximum likelihood procedure and several tests for parameter instability.The most important …nding is that despite it is not possibleto accept both dominance and asymmetry in an strict sense, there isenough evidence to support the existence of German leadership...

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Year of publication:	1999-09-01
Authors:	Camarero, Mariam ; Ordóñez, Javier
Institutions:	University <Nottingham> / Department of Economics ; Universitat Jaume I <Castellón de la Plana>
Subject:	Strukturwandel \| Kointegration \| Zinsfuß \| Asymmetrie \| Dominanz

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Extent:	305152 bytes 28 p. application/pdf
Series:	The University of Nottingham / Department of Economics - discussion papers Discussion Paper ; 33/1999
Type of publication:	Book / Working Paper
Language:	English
Classification:	C32 - Time-Series Models ; F36 - Financial Aspects of Economic Integration ; Specific management methods ; Sociological and psychological aspects ; Market research ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)