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Logische Implikationen und Anreizwirkungen des europäischen Währungssystems

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Vaubel, R. Logische Implikationen und Anreizwirkungen des europäischen Währungssystems. Journal of Contextual Economics – Schmollers Jahrbuch, 101(1), 1-23. https://doi.org/10.3790/schm.101.1.1
Vaubel, Roland "Logische Implikationen und Anreizwirkungen des europäischen Währungssystems" Journal of Contextual Economics – Schmollers Jahrbuch 101.1, 1981, 1-23. https://doi.org/10.3790/schm.101.1.1
Vaubel, Roland (1981): Logische Implikationen und Anreizwirkungen des europäischen Währungssystems, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 101, iss. 1, 1-23, [online] https://doi.org/10.3790/schm.101.1.1

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Logische Implikationen und Anreizwirkungen des europäischen Währungssystems

Vaubel, Roland

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 101 (1981), Iss. 1 : pp. 1–23

2 Citations (CrossRef)

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Vaubel, Roland

Cited By

  1. The european monetary system 1979–1987: Why has it worked?

    Fels, Joachim

    Intereconomics, Vol. 22 (1987), Iss. 5 P.216

    https://doi.org/10.1007/BF02933531 [Citations: 1]
  2. Image und reality of the European monetary system - A review

    Vaubel, Roland

    Weltwirtschaftliches Archiv, Vol. 125 (1989), Iss. 2 P.397

    https://doi.org/10.1007/BF02707573 [Citations: 0]

Abstract

The European Currency Unit (ECU) makes adjustments of central rates more difficult and is unsuitable as a divergence indicator because it operates, if at all, asymmetrically in an arbitrary way. The indeterminacy of intramarginal intervention currencies increases monetary uncertainty and monetary divergencies. The use of the ECU to denominate the EC credit facilities creates inflation incentives. The ECU cannot solve the n-th currency problem nor become a sufficiently attractive parallel currency. - Experience with the "snake" shows that the central rates of the D-Mark were hardly ever adjusted without considerable foreign exchange purchases preceding but that the "snake" interventions did not usually deflect central bank money from its target path.