DEUTSCHEMARK DOMINANCE OF EMS CURRENCIES: EVIDENCE FROM DAILY SPOT EXCHANGE RATES
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This study investigates the German dominance hypothesis from the perspective offoreign exchange rates withintheEMS. ThefindingsindicatethatthevalueoftheGermandeutschemarkaffectsthevaluesofotherEMS currencies more than values of the other currencies affect the deutschemark. Bi-directional effects exist, howeve1; and the mark is not independent ofthe remaining EMS currencies. Furthe1; the strength ofthe mark in determining values ofthe other currencies appears to have strengthened since the German reunification.
Abstract
This study investigates the German dominance hypothesis from the perspective offoreign exchange rates withintheEMS. ThefindingsindicatethatthevalueoftheGermandeutschemarkaffectsthevaluesofotherEMS currencies more than values of the other currencies affect the deutschemark. Bi-directional effects exist, howeve1; and the mark is not independent ofthe remaining EMS currencies. Furthe1; the strength ofthe mark in determining values ofthe other currencies appears to have strengthened since the German reunification.