Imported or Home Grown? The 1992-3 EMS Crisis
Working Paper 29488
DOI 10.3386/w29488
Issue Date
Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies.
Published Versions
Barry Eichengreen & Alain Naef, 2022. "Imported or home grown? The 1992–3 EMS crisis," Journal of International Economics, . citation courtesy of