Leader of the pack? German monetary dominance in Europe prior to EMU
In this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and 'lead' nation Germany, to assess the...
| Main Authors: | , |
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| Format: | Working paper |
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University of Oxford
2009
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| _version_ | 1797078953780838400 |
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| author | Reade, J Volz, U |
| author_facet | Reade, J Volz, U |
| author_sort | Reade, J |
| collection | OXFORD |
| description | In this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and 'lead' nation Germany, to assess the hypothesis that Germany was the dominant European nation prior to EMU. By and large our econometric investigations support this hypothesis, and lead us to conclude that the only European nation to lose monetary policy independence in the light of monetary union was Germany. |
| first_indexed | 2024-03-07T00:38:48Z |
| format | Working paper |
| id | oxford-uuid:825417f3-0024-42c3-b96a-63118434f826 |
| institution | University of Oxford |
| last_indexed | 2024-03-07T00:38:48Z |
| publishDate | 2009 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:825417f3-0024-42c3-b96a-63118434f8262022-03-26T21:36:40ZLeader of the pack? German monetary dominance in Europe prior to EMUWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:825417f3-0024-42c3-b96a-63118434f826Bulk import via SwordSymplectic ElementsUniversity of Oxford2009Reade, JVolz, UIn this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and 'lead' nation Germany, to assess the hypothesis that Germany was the dominant European nation prior to EMU. By and large our econometric investigations support this hypothesis, and lead us to conclude that the only European nation to lose monetary policy independence in the light of monetary union was Germany. |
| spellingShingle | Reade, J Volz, U Leader of the pack? German monetary dominance in Europe prior to EMU |
| title | Leader of the pack? German monetary dominance in Europe prior to EMU |
| title_full | Leader of the pack? German monetary dominance in Europe prior to EMU |
| title_fullStr | Leader of the pack? German monetary dominance in Europe prior to EMU |
| title_full_unstemmed | Leader of the pack? German monetary dominance in Europe prior to EMU |
| title_short | Leader of the pack? German monetary dominance in Europe prior to EMU |
| title_sort | leader of the pack german monetary dominance in europe prior to emu |
| work_keys_str_mv | AT readej leaderofthepackgermanmonetarydominanceineuropepriortoemu AT volzu leaderofthepackgermanmonetarydominanceineuropepriortoemu |