| Titre | Impact de l'annonce de la modalité de fixation des taux de conversion des monnaies européennes | |
|---|---|---|
| Auteur | Bronka Rzepkowski | |
 |
Revue | Economie et prévision |
| Numéro | no 128, 1997/2 L'intégration européenne : nouveaux enjeux | |
| Rubrique / Thématique | L'intégration européenne : nouveaux enjeux |
|
| Page | 145-159 | |
| Résumé anglais |
European Currencies Exchange Rates Conversion Rules: Impact of a Prior Announcement
by Bronka Rzepkowski
Conversion rates vis-à-vis the euro will be known only on the first January 1999. This uncertainty on the levels of final parities may be the source of instalibity during the interim period. Such a risk of tensions can be limited a pre-announcement. The impact of three different modalities for setting bilateral conversion rates is examined in two steps : firstly, foreign exchange and interest rates adjustments at the time of the announcement ; secondly, the dynamics of the currency rates during the interim period. Simulations of exchange rate paths show that annoucing a precise rate (central rate) or an average rule would result in similar levels of volatility. However, announcing a target band would entail at least twice more volatility. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1997_num_128_2_5854 |
