We examine the stability of exchange rates among the members of the European Monetary System (EMS), using the Johansen‐Juselius multivariate cointegration (systems) analysis. The direct implication from cointegration theory is that exchange rate stability vis a vis EMS member countries has been achieved. This allows us to study the speed of convergence of different currencies towards the equilibrium path.
Dutt, S.D. and Ghosh, D. (1995), "AN EMPIRICAL EXAMINATION OF EXCHANGE RATE STABILITY: CASE STUDY: EUROPEAN MONETARY SYSTEM", Studies in Economics and Finance, Vol. 16 No. 1, pp. 64-84. https://doi.org/10.1108/eb028718
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