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|z 9781451856682
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|a 1018-5941
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|a Masson, Paul.
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|a The Credibility of the United Kingdom's Commitment to the Erm :
|b Intentions Versus Actions /
|c Paul Masson.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1994.
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|a 1 online resource (32 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The paper presents estimates of a model of the credibility of the U.K. commitment to its central parity against the deutsche mark during the period of U.K. ERM membership (1990-92). The measure of credibility used is the long-term interest differential with Germany. Credibility is decomposed into two aspects: an assessment of whether the government was truly committed to the ERM, and the probability that even a committed government would be able to continue to bear the unemployment costs. Doubts about the first aspect-which could lead to a self-fulfilling crisis-are shown to have declined steadily during the period of ERM membership, while the second aspect is estimated to have become increasingly important, due to rising unemployment.
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|a Mode of access: Internet
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|a United Kingdom
|2 imf
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|a IMF Working Papers; Working Paper ;
|v No. 1994/147
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1994/147/001.1994.issue-147-en.xml
|z IMF e-Library
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