返回Google圖書搜尋

Revisiting the European Monetary System Experience

其他書名	Were Some Members More Equal Than Others?
出版	SSRN, 2008
URL	http://books.google.com.hk/books?id=E1jczwEACAAJ&hl=&source=gbs_api

註釋Difficulties in implementing effective liquidity support to counter speculative attacks may partly explain why regional exchange rate agreements crawl regional trade integration. Our novel analysis of the European Monetary System confirms that liquidity support was provided under the discretion of the anchor country (Germany), and was indeed asymmetric across member countries and/or periods. In particular, it was less forthcoming (i) to countries further away from Germany (less politically influential there), (ii) to larger countries (interfering more with the Bundesbank's monetary control) and (iii) during periods when German inflation accelerated (and the Bundesbank needed a firmer grip on liquidity).