Estimating the degree of interventionist policies in the run-up to EMU
Sondermann D,Trede M,Wilfling B
Zusammenfassung
Based on a theoretical monetary exchange-rate model in continuous time, this article establishes a sequential estimation framework which is capable of indicating central bank intervention in the run-up to a currency union. Using daily pre-European Monetary Union (pre-EMU) exchange-rate data for the countries of the current Euro zone, we find mixed evidence of active pre-EMU intervention policies (so-called institutional frontloading strategies). Our estimation framework is highly relevant to economic and political agents operating in financial markets of the upcoming EMU accession countries. © 2011 Taylor & Francis.
Publikationstyp
Forschungsartikel (Zeitschrift)
Begutachtet
Ja
Publikationsstatus
Veröffentlicht
Jahr
2011
Fachzeitschrift
Applied Economics
Band
43
Ausgabe
2
Erste Seite
207
Letzte Seite
218
Sprache
Englisch
ISSN
00036846
DOI