Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152588 
Autor:innen: 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
ECB Working Paper No. 154
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
The paper analyses the trade-off between exchange rate flexibility and monetary policy autonomy. It tests empirically the 'Possible Duality' hypothesis, i.e. whether countries with more flexible currency regimes are indeed able to exert more monetary policy autonomy than those with less flexible ones, and whether moving towards exchange rate flexibility allows countries to gain monetary independence. The results for a set of open emerging markets and ERM countries show no systematic link between exchange rate flexibility and monetary independence. It is also found that the Fed is still the dominant force in world capital markets, although the importance of EU monetary policy decisions has been increasing and a Euro bloc has formed in Europe.
Schlagwörter: 
error correction model
exchange rate regime
GARCH
international transmission
monetary policy
JEL: 
F41
F31
E50
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
416.36 kB





Publikationen in EconStor sind urheberrechtlich geschützt.