Implicit Regimes for the Spanish Peseta/Deutschmark Exchange Rate

Abstract

que lo solicitan. No obstante están disponibles en texto completo a través de Internet: http://www.fedea.es/. These Working Documents are distributed free of charge to University Department and other Research Centres. They are also available through Internet: http://www.fedea.es/.

Fiscal policy response to cycles under two regimes: Spain 1950–1998

“…In fact, after the emergency devaluations of 1976 and 1977, the Spanish governments showed a persistent 'fear of floating' Reinhart and Rogoff (2004). classify the Peseta exchange rate as a de facto 2% crawling band around theDeutschmark from 1980to 1994. Ledesma et al (2005 also find that a de facto peg to the Deutschmark prevailed between 1978 and 1984, and again between 1986 and the 1993 crisis, and was temporarily abandoned only in 1985 in response to speculative attacks in the wake of Spain's accession to the EEC.…”