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Logische Implikationen und Anreizwirkungen des europäischen Währungssystems
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
-
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] -
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.