Exchange Rate Policies in the Nordic Countries
The crisis in the Exchange Rate Mechanism of the EMS in 1992 and subsequent developments threw the progress of monetary integration in Europe into confusion. Prior to the crisis there had been substantial convergence of exchange rate regimes and policy stances across Europe. Central banks from Finland to Portugal adopted in essence the same policy: pegging their exchange rate to the ERM group of countries or, more specifically, the Deutsche mark. The papers in this volume were originally presented at a conference in Helsinki as the initial turmoil broke out. Now revised in many cases to reflect the events of 1992 and 1993, they contribute to our understanding of the motivations behind the drive to peg currencies in the Nordic countries to the Deutsche mark, and of the problems these countries encountered in that process. An improved understanding of these motivations and problems is vital in assessing the prospects for monetary policy and exchange rate regimes for the remainder of the decade.
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Equilibrium Real Exchange Rates
Country Characteristics and the Choice of the Exchange
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adjustment Andersen average Bank of Finland basket capital flows central bank CEPR changes coefficient credibility currency markets current account Danish deficit demand Denmark depreciation devaluation risk discussion disinflation disinflationary policy DIVCOM economic empirical equation estimated exchange rate arrangements exchange rate band exchange rate policy exchange rate regime factors Figure Finnish fiscal policy fixed exchange rate floating fluctuations foreign exchange markets future exchange future exchange rate growth hard currency important incomes policies interest rate differential krona labour market liquidity macroeconomic markka monetary policy money market Nationalbank nominal wage non-traded Nordic countries OECD open economy outflows output paper period policy-makers problem productivity programme rate of inflation real exchange rate real wage reduce relative rigidities sacrifice ratios shocks stability Svensson Sveriges Riksbank Sweden Swedish Swedish krona Table target zone terms of trade unemployment variables wage increases