ERM crisis in retrospect: What if a European central bank had been in existence before 1992?

KUO-CHUN YEHTAI-KUANG HO2019-10-222019-10-2220112649993https://www2.scopus.com/inward/record.uri?eid=2-s2.0-79956189053&doi=10.1016%2fj.econmod.2011.02.010&partnerID=40&md5=a20bcaa8c15174b686644ff0b503ae78https://scholars.lib.ntu.edu.tw/handle/123456789/427098This paper explores whether policy coordination or a single monetary policy implemented earlier would have kept the U.K. in the process of European monetary integration. On the basis of the pre-ERM crisis empirics by Douven and Plasmans (1996), a counterfactual game simulation approach is used, and five scenarios are established for comparison with the actual historical records. The final answer is negative. ? 2011 Elsevier B.V.Counterfactual analysis; Currency crisis; European Monetary System[SDGs]SDG17ERM crisis in retrospect: What if a European central bank had been in existence before 1992?journal article10.1016/j.econmod.2011.02.0102-s2.0-79956189053