April 2001 * We are very grateful to Beatriz Sanz (Bank of Spain) and Mayte Ledo (BBVA) for kindly providing us with the data set used in this paper. Simón Sosvilla-Rivero also acknowledges partial financial support by the Spanish Ministry of Education, through DGICYT Project PB98-0546-C02-02. **
This paper assesses the degree of credibility of the Irish Pound in the European Monetary System between 1983 and 1997. Different credibility indicators proposed in the literature are used to measure agents' perceptions of the credibility of the ERM commitment in an attempt to distinguish between events stemming from problems in the ERM itself and those that appear to have been exclusive to Ireland.
Transforming mature tourism resorts has evolved toward a greater involvement of public authorities and away from the mere renovation of public spaces. Authorities today are required to lead the reorganization of tourism activities through the development of co-operative networks between all stakeholders involved. In this paper, a participatory integrated approach has been designed and implemented in collaboration with Spanish authorities and the tourism sector to propose a strategy to achieve the renovation of tourism resorts. This methodology was applied to Puerto de la Cruz, the oldest tourism destination in the Canary Islands and a clear paradigm of a consolidated resort. The objective is to define and implement policies to transform Puerto de la Cruz into a more sustainable tourism destination.
The paper presents an overview of several studies about the credibility of the European Monetary System (EMS). These studies compare different credibility indi- cators in terms of their ability to detect exchange rate crises in a target zone. Marginal credibility seems to be the best measure for capturing the main events. The credibility indices are also applied to the first years of the current ERM-II. The history of the EMS suggests that, in an environment of financial deregulation and high capital flows, such an exchange rate system can only operate as a temporary regime that is moving towards a full monetary union, since it may be too fragile as a permanent monetary regime.
This paper attempts to identify implicit exchange rate regimes for the Yen/Dollar exchange rate. To that end, we apply a sequential procedure that considers both the dynamics of exchange rates and central bank interventions to data covering the period from 1971 to 2003. Our results suggest that implicit bands existed in two subperiods: April-December 1980 and March-October 1987, the latter coinciding with the Louvre Accord. Furthermore, the study of the credibility of such implicit bands indicates the high degree of confidence attributed by economic agents to the evolution of the Yen/Dollar exchange rate within the detected implicit band rate, thus lending further support to the relevance of such implicit bands. JEL classification: F31; F33 Keywords: Exchange rate regimes, implicit fluctuation bands, exchange rates. * The authors wish to thank two anonymous referees and Mark Taylor for helpful comments and suggestions on a previous draft of this paper, substantially improving the content and quality of the paper. We are also in debt to Christopher Neely (Federal Reserve Bank of St. Louis) for kindly providing the data set on official interventions used in this paper. Financial support from the Spanish Ministry of Science and Technology (SEJ2005-09094/ECON) is also gratefully acknowledged. The views expressed here are those of the authors and not necessarily those of the institutions with which they are affiliated.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.