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| Author: | Halikias, I. |
| Title: | Testing the credibility of Belgium's exchange rate policy |
| Journal: | Staff Papers
1994 : JUN, VOL. 41:2, p. 350-366 |
| Index terms: | EXCHANGE RATES BELGIUM CREDIT |
| Language: | eng |
| Abstract: | This paper examines the credibility of the exchange rate policy pursued by the Belgian monetary authorities of pegging the Belgian franc to a narrow fluctuation band around the deutsche mark, in the context of the exchange rate mechanism of the European Monetary System. Simple interest rate corridor analysis, based on the Belgian-German long-term interest rate differential and talking explicit account of the currency's position within its fluctuation band, appears to suggest that the hypothesis that long-run exchange rate credibility has been attained should be rejected, even though considerable progress has been made in this regard since the early 1980s. |
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