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Monetary and Exchange Rate Stability at the EU - Mediterranean Borders

Title data

Herz, Bernhard ; Bauer, Christian:
Monetary and Exchange Rate Stability at the EU - Mediterranean Borders.
In: Revue Economique. Vol. 57 (2006) Issue 4 . - pp. 899-917.
ISSN 0035-2764
DOI: https://doi.org/10.3917/reco.574.0899

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Abstract in another language

Stabilizing the exchange rate is a major monetary policy goal in a number of Mediterranean countries. We present a microstructure model of the foreign exchange market based on technical trading that allows us to categorize de facto exchange rate regimes and to derive a market based measure of the credibility of these exchange rate regimes. In our empirical analysis we compare the exchange rate policies of seven non European Mediterranean countries, Algeria, Egypt, Israel, Libya, Morocco, Turkey and Tunisia, with the benchmark of four European non EU countries namely Albania, Bulgaria, Croatia, and Romania. Our results indicate that the fundamental volatility of the market based exchange rates is quite moderate and that markets assign a moderate degree of credibility to the exchange rate management of most of the countries.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: monetary policy; exchange rate policy; credibility; Mediterranean; Eastern Europe; technical tradingmonetary policy; technical trading
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I > Chair Economics I - Univ.-Prof. Dr. Bernhard Herz
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Chair Economics I
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 330 Economics
Date Deposited: 13 Apr 2015 07:15
Last Modified: 11 May 2015 05:53
URI: https://eref.uni-bayreuth.de/id/eprint/10155