Estimating the degree of interventionist policies in the run-up to EMU

Sondermann, David; Trede, Mark; Wilfling, Bernd

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%T Estimating the degree of interventionist policies in the run-up to EMU
%A Sondermann, David
%A Trede, Mark
%A Wilfling, Bernd
%J Applied Economics
%N 2
%P 207-218
%V 43
%D 2009
%K Exchange rates; EMU; continuous-time modeling; sequential estimation; institutional frontloading
%= 2011-05-11T15:26:00Z
%~ http://www.peerproject.eu/
%> https://nbn-resolving.org/urn:nbn:de:0168-ssoar-243024
%X Based on a theoretical monetary exchange-rate model in continuous time this paper establishes a sequential estimation framework which is capable of indicating central bank intervention in the run-up to a currency union. Using daily 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.
%C USA
%G en
%9 journal article
%W GESIS - http://www.gesis.org
%~ SSOAR - http://www.ssoar.info