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Chaos in The Currency Markets : Currency Crisis of The EMS

1. What does the crisis of September 1992 tell you about the relative abilities of currency markets and national governments to influence exchange rates? The currency markets and national governments both have abilities to influence exchange rates. Like ....

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.... rate, which reduces the supply of fund in the other countries and places upward pressure on their interest rates. The flow of fund would continue until the interest rate differential has been eliminated or reduced. This process would not necessarily apply to countries outside ERM that do not in the fixed exchange rate system, because the exchange rate risk may discourage the flow of funds to the countries with relatively high interest rate. However, since the ERM requires central banks to maintain the exchange rates between currencies within specifi ....

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