Narrow search
Showing 1 - 10 of 59,299
Cover Image
Foreign Exchange Market Efficiency: Did The Ems Make a Difference? A Cointegration-Based Empirical Investigation
Tronzano, Marco - In: Economia Internazionale / International Economics 55 (2002) 1, pp. 69-103
context. A cointegration-based empirical investigation on the French Franc/Deutsche Mark exchange rate and two outstanding … floating rates (DM1 U$, Yen/U$) strongly supports the above intuition. As revealed by cointegration tests, a necessary …, however, point out that only inside the EMS is a sufficient condition for foreign exchange market efficiency satisfied. The …
Persistent link: https://www.econbiz.de/10008481998
Cover Image
Cointegration in the foreign exchange market and market efficiency since the introduction of the Euro: Evidence based on bivariate cointegration analyses
Kühl, Michael - 2007
the Euro by applying the cointegration analysis to exchange rates. The introduction of the Euro has changed the structure … the introduction of a new currency has resulted in inefficient markets, a bivariate cointegration analysis should be …
Persistent link: https://www.econbiz.de/10010300150
Cover Image
Cointegration in the foreign exchange market and market efficiency since the introduction of the Euro: Evidence based on bivariate cointegration analyses
Kühl, Michael - Center for European, Governance and Economic … - 2007
the Euro by applying the cointegration analysis to exchange rates. The introduction of the Euro has changed the structure … the introduction of a new currency has resulted in inefficient markets, a bivariate cointegration analysis should be …
Persistent link: https://www.econbiz.de/10010980784
Cover Image
Cointegration in the Foreign Exchange Market and Market Efficiency since the Introduction of the Euro: Evidence based on bivariate Cointegration Analyses
Kühl, Michael - Center for Globalization and Europeanization of the … - 2007
the Euro by applying the cointegration analysis to exchange rates. The introduction of the Euro has changed the structure … the introduction of a new currency has resulted in inefficient markets, a bivariate cointegration analysis should be …
Persistent link: https://www.econbiz.de/10005635356
Cover Image
Cointegration in the foreign exchange market and market efficiency since the introduction of the euro : evidence based on bivariate cointegration analyses
Kühl, Michael (contributor) - 2007
the Euro by applying the cointegration analysis to exchange rates. The introduction of the Euro has changed the structure … the introduction of a new currency has resulted in inefficient markets, a bivariate cointegration analysis should be … adjustment to the long-run equilibrium. -- foreign exchange market ; market efficiency ; cointegration …
Persistent link: https://www.econbiz.de/10003582754
Cover Image
Endogenous Realignments and the Sustainability of a Target Zone
Corbae, P Dean; Neely, Christopher J; Weller, Paul - C.E.P.R. Discussion Papers - 1995
We examine the effects of endogenously determined realignment expectations in a model of a target zone with sluggish price adjustment. We allow these expectations to be based on a policy rule which attaches differing weights to output and price stability. We find that for realistic parameter...
Persistent link: https://www.econbiz.de/10005504430
Cover Image
The European Monetary System and the Theory of Target Zones
Honohan, Patrick - C.E.P.R. Discussion Papers - 1993
System (EMS), with several authors reporting that exchange rate data for the EMS do not display this feature, but in contrast … cluster towards the middle of the band. We show that such findings result from neglect of the multi-currency nature of the EMS …
Persistent link: https://www.econbiz.de/10005497726
Cover Image
Exchange Rate Expectations, the Forward Exchange Rate Bias and Risk Premia in Target Zones
Nessén, Marianne - Economics Institute for Research (SIR), … - 1994
A method proposed by Bertola and Svensson (1993) is used to extract expected rates of depreciation within the target zone band for four Nordic currencies 1979-1989. These are then combined with time-series of expected rates of devaluation (defined as changes in central parities of the target...
Persistent link: https://www.econbiz.de/10005423865
Cover Image
Central bank intervenyion under target zones: the portuguese escudo in the ERM
Macedo, Jorge Braga de; Nunes, Luis Catela; Pereira, … - Faculdade de Economia, Universidade Nova de Lisboa - 2003
For Portugal, the transition to the Euro began in September 1989 and featured three successive institutional arrangements related to the Exchange Rate Mechanism of the European Monetary System: shadowing it, belonging to it with 6% and then with 15% fluctuation bands. Using daily data, we study...
Persistent link: https://www.econbiz.de/10005456390
Cover Image
Inside and Outside the Band Exchange Rate Fluctuations for Brazil
Ribeiro de Castro, Claudia - Institut de Recherche Économique et Sociale (IRES), … - 1999
This paper analyzes the empirical fit of a new approach to exchange rate target zones. Unlike most of the literature on target zones, we use an estimation procedure that takes explicitly into account the band constraints, and hence their effect on the expectations of agents. Crucially, we do not...
Persistent link: https://www.econbiz.de/10004984963