Events

[Joint work with Alain Naef]

Abstract: Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System. Using this index, we pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies.

The Economic and Social History series for Hilary Term 2021 is convened by Stephen Broadberry and Mattia Bertazzini.

For more information on this or any of the seminars in the series, please contact stephen.broadberry@nuffield.ox.ac.uk.