Credibility, interest rates and the ERM : the Irish experience, 1986-92

DSpace/Manakin Repository

Show simple item record

dc.contributor.author Walsh, Brendan M.
dc.date.accessioned 2009-12-03T16:50:02Z
dc.date.available 2009-12-03T16:50:02Z
dc.date.issued 1993-01-06
dc.identifier.uri http://hdl.handle.net/10197/1689
dc.description.abstract As one of a set of policies designed to reduce inflation and interest rates to the levels prevailing in Germany the Irish pound has been stabilised in the Exchange Rate Mechanism (ERM) of the European Monetary System since 1986. This paper examines the effect of this policy on short-term interest rates in Ireland. Only limited evidence is found that the exchange rate policy contributed to the reduction in the German-Irish interest rate differential. Sterling interest rates and the level of the Irish pound/sterling exchange rate have continued to influence the level of Irish interest rates. This was bourne out by the impact of the turbulence of September 1992 on Irish money markets. It is suggested that the costs of rigidly pegging the Irish pound in the ERM may outweigh the benefits of this policy. en
dc.description.externalNotes A hard copy is available in UCD Library at GEN 330.08 IR/UNI en
dc.format.extent 504472 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher University College Dublin. School of Economics en
dc.relation.ispartofseries UCD Centre for Economic Research Working Paper Series en
dc.relation.ispartofseries WP93/1 en
dc.subject.lcsh European Monetary System (Organization) en
dc.subject.lcsh Interest rates--Ireland en
dc.subject.lcsh Foreign exchange rates--Ireland en
dc.title Credibility, interest rates and the ERM : the Irish experience, 1986-92 en
dc.type Working Paper en
dc.internal.authorid UCD0036 en
dc.internal.availability Full text available en
dc.status Not peer reviewed en
dc.type.capturetechnique PDFimage en
dc.neeo.contributor Walsh|Brendan M.|aut|UCD0036 en


Files in this item

This item appears in the following Collection(s)

Show simple item record

This item is available under the Attribution-NonCommercial-NoDerivs 3.0 Ireland. No item may be reproduced for commercial purposes. For other possible restrictions on use please refer to the publisher's URL where this is made available, or to notes contained in the item itself. Other terms may apply.

If you are a publisher or author and have copyright concerns for any item, please email research.repository@ucd.ie and the item will be withdrawn immediately. The author or person responsible for depositing the article will be contacted within one business day.

Search Research Repository


Advanced Search

Browse