The effects of the widening of the ERM bands on the Irish pound

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Title: The effects of the widening of the ERM bands on the Irish pound
Authors: Walsh, Brendan M.
Permanent link: http://hdl.handle.net/10197/1774
Date: 2-Mar-1995
Abstract: This paper examines the bahaviour of Irish exchange rates and interest rates over two periods, one immediately before, the other immediately after, the widening of the narrow band of the Exchange Rate Mechanism of the European Monetary System in August 1993. It is shown that a benefit of the dismantling of the narrow band was that the Irish pound did not come under speculative pressure as sterling weakened late in 1994 and it was possible to check the currency's appreciation relative to sterling by a depreciation relative to the DM. Moreover, the influence of the sterling exchange rate on Irish interest rates appears to have been substantially reduced under the new regime.
Type of material: Working Paper
Publisher: University College Dublin. School of Economics
Subject LCSH: Foreign exchange rates--Ireland
Interest rates--Ireland
Monetary policy--Ireland
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Economics Working Papers & Policy Papers
Architecture, Planning and Environmental Policy Research Collection

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