Financial Markets and European Monetary Cooperation: The Lessons of the 1992–93 Exchange Rate Mechanism Crisis

Willem H. Buiter; Giancarlo Corsetti; Paolo A. Pesenti

doi:10.1017/CBO9780511600937

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Financial Markets and European Monetary Cooperation

Financial Markets and European Monetary Cooperation

The Lessons of the 1992–93 Exchange Rate Mechanism Crisis

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Willem H. Buiter, University of Cambridge, Giancarlo Corsetti, Università degli Studi, Bologna, Italy, Paolo A. Pesenti

Publisher:: Cambridge University Press
Online publication date:: July 2010
Print publication year:: 1998
Online ISBN:: 9780511600937
DOI:: https://doi.org/10.1017/CBO9780511600937

Subjects:: Economics, International Economics, Finance and Accountancy
Series:: Japan-US Center UFJ Bank Monographs on International Financial Markets

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A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992–3 crisis of the exchange rate mechanism of the European monetary system. Cogent factual presentation - including new details on the crisis - original theoretical analysis, and an interpretation rooted in the theory, make this treatment essential reading to understand the process toward economic and political integration in Europe. The authors first sketch the history of monetary cooperation in Europe from Bretton Woods to Maastricht. A step-by-step account of the 1992–3 events follows, including a discussion of the extent to which financial markets anticipated the crisis. A survey of the literature on the subject introduces the authors' center-periphery model of currency crisis. The authors argue that the vulnerability of Europe to financial crisis was - and still is - the result of the lack of concern with the systemic dimensions of monetary policy-making.

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Financial Markets and European Monetary Cooperation

The Lessons of the 1992–93 Exchange Rate Mechanism Crisis

This Book has been cited by the following publications. This list is generated based on data provided by Crossref.

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

Forewords by Kenji Kawakatsu and Helmut Schlesinger
pp vii-x

Acknowledgments
pp xi-xii

1 - Introduction
pp 1-18

2 - Exchange rate stability in Europe: A historical perspective
pp 19-37

3 - The unfolding of the 1992–93 ERM crisis
pp 38-66

4 - Financial markets and ERM credibility
pp 67-82

5 - Modelling currency crises
pp 83-92

6 - A Center–Periphery model
pp 93-107

7 - Unilateral pegs and escape clauses: The role of domestic credibility
pp 108-133

8 - Policy coordination and currency crises
pp 134-162

9 - What caused the system to crumble?
pp 163-175

10 - Rebuilding the system: What next?
pp 176-204

References
pp 205-214

Index
pp 215-223

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Financial Markets and European Monetary Cooperation

The Lessons of the 1992–93 Exchange Rate Mechanism Crisis

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