The Stabilizing Effect of the ERMon Exchange Rates and Interest Rates : An Empirical Investigation /
This paper applies nonparametric test procedures to test for a shift in the volatility of nominal and real exchange rates for ERM members and nonmembers. The results imply a reduction in volatility for the ERM members, especially during the second half of the period of operation of the ERM. We also...
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| Format: | Book |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1993
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| Series: | IMF Working Papers; Working Paper ;
No. 1993/067 IMF eLibrary |
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