JOURNAL ARTICLE
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Reale Wechselkurse innerhalb der Schweiz und zwischen der Schweiz und ausgewählten Nachbarstaaten
Credit and Capital Markets – Kredit und Kapital, Vol. 27 (1994), Iss. 4 : pp. 518–535
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Thomas J. Jordan, Cambridge, MA
References
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Baltensperger, E. und Jordan, T., 1993: Die Schweiz und die Bestrebungen zur Bildung einer Währungsunion. Bern: Haupt. - De Grauwe, P. and Vanhaverbeke, W., 1991: Is Europe an Optimum Currency Area? Evidence from Regional Data. CEPR Discussion Paper No. 555.
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Eichengreen, B., 1990: Is Europe an Optimum Currency Area? CEPR Discussion Paper No. 418.
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Abstract
Real Exchange Rates within Switzerland and between Switzerland and Three Neighbouring Countries
Common argumentation stipulates that minimal variability and persistence in real exchange rate fluctuations within the participating areas should be a distinguishing feature of any currency union. This paper examines the variability and the persistence of real exchange rate fluctuations both within Switzerland and between Switzerland and three neighbouring countries. Real exchange rates vary only minimally between the various regions except for the area of North-Western Switzerland. These fluctuations are instead characterized by considerable persistence. This analysis shows that a currency union is quite capable of coping with both differing variabilities in real exchange rates between the areas involved and persistent real exchange rate fluctuations, including sizeable accumulated changes in real exchange rates.