Eichengreen, Barry. <br/><br/>
Imported or Home Grown? The 1992-3 EMS Crisis / 
Barry Eichengreen, Alain Naef. 
 - Cambridge, Mass.  National Bureau of Economic Research  2021. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w29488 .
 - Working Paper Series (National Bureau of Economic Research)  no. w29488. .
<br/><br/> November 2021. 
<br/><br/> Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market pressure during the 1992-3 crisis in the European Monetary System, allowing us to pinpoint when and where the crisis was most severe. Our analysis focuses on a neglected factor in the crisis: the role of the weak dollar in intra-EMS tensions. We provide new evidence of the contribution of a falling dollar-Deutschmark exchange rate to pressure on EMS currencies. 
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