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The Credibility of Nordic Exchange Rate Bands: 1987-91


Sami Geadah


International Monetary Fund (IMF)

Tapio Saavalainen


International Monetary Fund (IMF)

January 1992

IMF Working Paper No. 92/3

Abstract:     
The credibility of the exchange rate bands in the Nordic countries during 1987-91 is examined with two tests. The results suggest that the credibility of Finland`s exchange rate band within a twelve-month horizon could not be rejected except in the fall of 1991; however, the band lacked credibility within a five-year horizon throughout the period. Denmark`s and Norway`s bands lacked both short- and long-term credibility at the beginning of the period, but credibility could not be rejected from 1989 for Norway and as of 1990 for Denmark. The credibility of Sweden`s band within a one-year horizon could not be rejected up to fall 1989, but thereafter its credibility deteriorated sharply.

Number of Pages in PDF File: 24

JEL Classification: F31, F33

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Date posted: February 15, 2006  

Suggested Citation

Geadah, Sami and Saavalainen, Tapio, The Credibility of Nordic Exchange Rate Bands: 1987-91 (January 1992). IMF Working Paper, Vol. , pp. 1-24, 1992. Available at SSRN: http://ssrn.com/abstract=884523

Contact Information

Sami Geadah (Contact Author)
International Monetary Fund (IMF) ( email )
700 19th Street NW
Washington, DC 20431
United States
Tapio Saavalainen
International Monetary Fund (IMF) ( email )
700 19th Street, N.W.
Washington, DC 20431
United States
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