Un commento di Peter Korteweg. (The first two years of the EMS: the exchange-rate experience. A comment)

Authors

  • P. KORTEWEG

DOI:

https://doi.org/10.13133/2037-3651/11209

Keywords:

EMS, fixed nominal exchange rates, distortions

Abstract

In questa breve nota, l'autore sostiene che l'accento su tassi di cambio nominali fissi all'interno dello SME crea distorsioni gravi a patto che i tassi di inflazione non sono convergenti.


In this brief note, the author argues that the emphasis on fixed nominal exchange rates inside the EMS creates severe distortions as long as inflation rates are not converging.


JEL: E42, F36

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Published

2013-12-04

Issue

Vol. 34 No. 135 (1981)

Section

Articoli

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