This paper examines the regime changes in the European Exchange Rate Mechanism (ERM), by applying the duration model approach to quarterly data of eight currencies participating in the ERM, covering the complete European Monetary System (EMS) history. We first make use of the nonparametric...

This paper analyses the functioning of the European Exchange Rate Mechanism (ERM). To that end, we apply duration models to estimate an eclectic specification that enables us to explicitly incorporated political and institutional factors into the explanation of European exchange rate policies....

This paper is devoted to the past, present, and future of the European Monetary System (EMS). After examining its background, the paper reviews the structure and operation of the EMS, as well as the theoretical framework used to explain exchange-rate movements inside official fluctuation bands....

Our research aims to analyze the causal relationships in the behavior of public debt issued by peripheral member countries of the European Economic and Monetary Union (EMU), with special emphasis on the recent episodes of crisis triggered in the eurozone sovereign debt markets since 2009. With...

This paper examines the degree of export-price dispersion among European Union countries and its evolution in the recent past (1988-1999). The paper also analyses the likely impact of the European Monetary Union on export-price convergence by looking at the past experience of European countries...