A Model Of Exchange Rate Regime Choice In The Transitional Economies Of Central And Eastern Europe
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A Model Of Exchange Rate Regime Choice In The Transitional Economies Of Central And Eastern Europe
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Author : Mr.Vladimir Klyuev
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2001-09-01
A Model Of Exchange Rate Regime Choice In The Transitional Economies Of Central And Eastern Europe written by Mr.Vladimir Klyuev and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-09-01 with Business & Economics categories.
The paper develops a model of exchange rate regime choice centered on the trade-off between internal price stability and external competitiveness and allowing for institutional costs of altering exchange rate arrangements. The main implication of the model is a nonlinear relationship between the rate of inflation and the choice of regime for the next period. The model also suggests that a major inflationary shock-like the one to which all Central and Eastern European economies were subject when they allowed prices to be determined by the market-should give rise to a tightening of the exchange rate regime, followed by a gradual introduction of more flexibility as inflation subsides. A series of regressions on a sample of 13 Central and Eastern European economies yield results consistent with the hypothesis.
A Model Of Exchange Rate Regime Choice In The Transitional Economies Of Central And Eastern Europe
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Author : David A. Dyker
language : es
Publisher:
Release Date : 2001
A Model Of Exchange Rate Regime Choice In The Transitional Economies Of Central And Eastern Europe written by David A. Dyker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
Monetary And Exchange Rate Policy Of Transition Economies Of Central And Eastern Europe After The Launch Of Emu
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Author : Mr.Paul R. Masson
language : en
Publisher: International Monetary Fund
Release Date : 1999-07-01
Monetary And Exchange Rate Policy Of Transition Economies Of Central And Eastern Europe After The Launch Of Emu written by Mr.Paul R. Masson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-07-01 with Business & Economics categories.
The more advanced Central and Eastern European Countries (CEECs) face an evolving set of considerations in choosing their exchange rate policies. On the one hand, capital mobility is increasing, and this imposes additional constraints on fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate stability problematic. On the other hand, the objectives of EU and eventual EMU membership make attractive a peg to the euro at some stage in the transition. The paper discusses these conflicting considerations, and considers the feasibility of an alternative monetary framework, inflation targeting.
Transition Economies Of Central And Eastern Europe
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Author : Ruta Malinauskaite
language : en
Publisher:
Release Date : 2004
Transition Economies Of Central And Eastern Europe written by Ruta Malinauskaite and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
The Choice Of Exchange Rate Regimes
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Author : Jürgen von Hagen
language : en
Publisher:
Release Date : 2002
The Choice Of Exchange Rate Regimes written by Jürgen von Hagen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Foreign exchange administration categories.
Capital Flows In Central And Eastern Europe
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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 1995-06-01
Capital Flows In Central And Eastern Europe written by Ms.Ratna Sahay and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-06-01 with Business & Economics categories.
This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in the capital account in 1992–93. This improvement was accompanied by widening current account deficits, an increase in real consumption, and real exchange rate appreciation. In light of these developments, the paper discusses the main macroeconomic concerns raised by capital inflows and lays out the principal policy options relevant for the transition economies.
Exchange Rate Regime Choice
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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 1991-09-01
Exchange Rate Regime Choice written by Mr.Robert P. Flood and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-09-01 with Business & Economics categories.
Traditionally the choice of exchange rate regime has been seen as a second-best policy choice, which can be directed toward mitigating the distortionary effects of price or information rigidities. In this paradigm the optimal degree of exchange rate flexibility is found to depend of the source and nature of shocks hitting an economy. More recent literature views the exchange rate as a widely and frequently seen manifestation of government policy with careful exchange-rate management emerging as a tool that can enhance shaky policy credibility.
Exchange Rate Regimes In Selected Advanced Transition Economies
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2000-04-01
Exchange Rate Regimes In Selected Advanced Transition Economies written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-04-01 with Business & Economics categories.
Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.
Exchange Rate Regimes
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Author : Atish R. Ghosh
language : en
Publisher: MIT Press
Release Date : 2002
Exchange Rate Regimes written by Atish R. Ghosh and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
An empirical study of exchange rate regimes based on data compiled from 150 member countries of the International Monetary Fund over the past thirty years. Few topics in international economics are as controversial as the choice of an exchange rate regime. Since the breakdown of the Bretton Woods system in the early 1970s, countries have adopted a wide variety of regimes, ranging from pure floats at one extreme to currency boards and dollarization at the other. While a vast theoretical literature explores the choice and consequences of exchange rate regimes, the abundance of possible effects makes it difficult to establish clear relationships between regimes and common macroeconomic policy targets such as inflation and growth. This book takes a systematic look at the evidence on macroeconomic performance under alternative exchange rate regimes, drawing on the experience of some 150 member countries of the International Monetary Fund over the past thirty years. Among other questions, it asks whether pegging the exchange rate leads to lower inflation, whether floating exchange rates are associated with faster output growth, and whether pegged regimes are particularly prone to currency and other crises. The book draws on history and theory to delineate the debate and on standard statistical methods to assess the empirical evidence, and includes a CD-ROM containing the data set used.
Determinants Of The Choice Of Exchange Rate Regimes In Six Central American Countries
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Author : Mr.Michael G. Papaioannou
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Determinants Of The Choice Of Exchange Rate Regimes In Six Central American Countries written by Mr.Michael G. Papaioannou and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
This paper examines whether decisions about the appropriate exchange rate regime in six Central American countries were based on longer-run economic fundamentals or on the confluence of historical and political circumstances. To uncover any actual relationship both across countries and across time, we estimate several probit and multinomial logit models of exchange rate regime choice with data spanning the period 1974-2001. We find that theoretical long-run determinants, such as trade openness, export share with the major trading partner, economic size, and per capita income, are adequate, but not robust, predictors of exchange rate regime choice. However, we were not able to establish a statistically significant association between the terms of trade fluctuations or capital account openness and a particular regime in any specification using our sample.