Fratzscher, Marcel - European Central Bank - 2009
�xed exchange rate
regimes, high commodity prices or other factors. In short, the �ndings suggest that
either some … crisis, while a substantial part was the result of �xed exchange rate
regimes, high commodity prices or other factors.
3
In …. Another caveat may be the role of commodity prices, which
reached a peak in the summer of 2008 and declined sharply thereafter …