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IMS, EMS, and the (n-1) problem

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Item Type:
Journal article
Date:
1989
Author:
Claassen, Emil-Maria
Citation:
Emil-Maria Claassen, 'IMS, EMS, and the (n-1) problem', Economic and Social Research Institute, Economic and Social Review, Vol.20, No. 2, January 1989, 1989
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Abstract:
Three types of exchange rate regimes predominate the present international monetary system (IMS): the managed float by industrialised countries, a fixed but adjustable peg inside the European Monetary System (EMS), and in most cases a fixed peg by LDCs. Whatever the exchange rate arrangement is, all regimes share the so-called (n-l) problem which means that some minimum kind of co-operation is necessary with respect to the target of (n-l) independent exchange rates. Within the IMS, the problem is solved by the benign-neglect position of the USA with respect to their exchange rate. For the EMS, it could be solved by the Ecu (European currency unit) to the extent that it has reached the full status of a currency. However, for the moment, it seems to be solved by the German mark provided that Germany is only concerned with its exchange rate with respect to the dollar and remains indifferent with respect to the intra-EMS exchange rates. In this sense, one could identify the EMS with a German Monetary Area.
URI:
http://hdl.handle.net/2262/68568
Author: Claassen, Emil-Maria
Publisher:
Economic & Social Studies
Type of material:
Journal article
URI:
http://hdl.handle.net/2262/68568
Collections
  • Economic and Social Review Archive: Complete Collection 1969-
  • The Economic and Social Review, Vol. 20, No. 2, January 1989
Series/Report no:
Economic and Social Review
Vol.20, No. 2, January 1989
Availability:
Full text available
Subject:
European economics, European Monetary System, EMS
ISSN:
0012-9984
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