Irish exchange rate policy in the aftermath of the currency crisis

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Title: Irish exchange rate policy in the aftermath of the currency crisis
Authors: Walsh, Brendan M.
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Date: 1993
Abstract: Sterling's departure from the exchange rate mechanism (ERM) in September 1992 precipitated a crisis for Irish exchange rate policy that was resolved, for the time being at least, by the decision to devalue at the end of January 1993. During the intervening 4 1/2 months, the economy laboured under the burdens of penal interest rates and a misaligned sterling exchange rate. The country's foreign exchange reserves were drained, to be rebuilt later at a substantial cost to the taxpayer. With the virtual collapse of the ERM at the end of July, Irish exchange rate policy entered a new phase. This paper reviews the lessons to be learned from the collapse of the ERM and the options facing us in the new international financial environment.
Type of material: Journal Article
Publisher: Irish Bankers' Federation
Journal: Irish Banking Review
Issue: Autumn 1993
Start page: 3
End page: 12
Copyright (published version): Irish Bankers' Federation, 1993
Subject LCSH: Foreign exchange--Ireland
Monetary policy--Ireland
Currency crises--Ireland
Language: en
Status of Item: Peer reviewed
Appears in Collections:Architecture, Planning and Environmental Policy Research Collection
Economics Research Collection

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