History provides us with many examples of multiple country fixed exchange rate regimes that have eventually fallen apart. In light of these failures, why has the EMS been so successful in stabilizing exchange rates among members, and in expanding its membership? This paper argues that one key...

Since the European Monetary System was instituted in March 1979, there has been a dramatic reduction in the inflation rates of member countries This development is widely attributed to the EMS itself. The purpose of this paper is to argue that the theoretical and empirical basis for such a claim...

Das Werk stellt eine Reihe von Aufsätzen zusammen, die anläßlich eines von der Weltbank veranstalteten Seminars über Inflationsfragen in sozialistischen Ländern präsentiert wurden. Im einzelnen werden Ursachen, Höhe und Ausmaß sowie Bekämpfungsmaßnahmen der Inflation behandelt. Andere...

Since the European Monetary System was instituted in March 1979, there has been a dramatic reduction in the inflation rates of member countries This development is widely attributed to the EMS itself. The purpose of this paper is to argue that the theoretical and empirical basis for such a claim...