Monetary And Exchange Rate Policy Of Transition Economies Of Central And Eastern Europe After The Launch Of Emu
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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.
Monetary And Exchange Rate Policy Of Transition Economics Of Central And Eastern Europe After The Launch Of Emu
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Author : Paul R. Masson
language : en
Publisher:
Release Date : 1999
Monetary And Exchange Rate Policy Of Transition Economics Of Central And Eastern Europe After The Launch Of Emu written by Paul R. Masson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Implications Of Emu For Exchange Rate Policy In Central And Eastern Europe
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Author : Mr.George Kopits
language : en
Publisher: International Monetary Fund
Release Date : 1999-01-01
Implications Of Emu For Exchange Rate Policy In Central And Eastern Europe written by Mr.George Kopits 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 1999-01-01 with Business & Economics categories.
In view of the requirements of Stage 2 of European Monetary Union (EMU) for accession to the European Union, this paper examines the desirability for, and the ability of, the lead candidates in Central and Eastern Europe to participate in the new exchange rate mechanism (ERM2) and eventually in EMU. For most of these countries the benefits are likely to outweigh the cost of participation. After successfully meeting the basic conditions (wage flexibility, prudent fiscal and monetary stance, financial system soundness) for ERM2, each candidate should be able to shadow the euro, with sufficient flexibility around the central rate, prior to formal participation. The paper concludes with a discussion of two policy dilemmas.
Monetary And Exchange Rate Policies Emu And Central And Eastern Europe
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Author : David K. H. Begg
language : en
Publisher: Centre for Economic Policy Research
Release Date : 1999
Monetary And Exchange Rate Policies Emu And Central And Eastern Europe written by David K. H. Begg and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
This report examines European transition economies and their need to find a robust strategy for macroeconomic policy in the period leading up to accession and in preparation for joining EMU.
Monetary Aspects Of Enlargement Central And Eastern Europe Emu And The Erm 2
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Author : Ulrich Machold
language : en
Publisher: GRIN Verlag
Release Date : 2008
Monetary Aspects Of Enlargement Central And Eastern Europe Emu And The Erm 2 written by Ulrich Machold and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Master's Thesis from the year 2002 in the subject Economics - Monetary theory and policy, grade: 1.0 (A), Technical University of Berlin (-), 54 entries in the bibliography, language: English, abstract: A rough 50 years after its foundation, the European Union (EU) is preparing for the probably most ambitious challenge of its existence, the binding-back into the West of the once centrally-planned economies of Central and Eastern Europe (CEEC). Together with political and general economic efforts, European monetary integration also gains speed with as many as twelve CEEC queuing up for entry into the EU (not including Turkey, which has not yet officially begun entry negotiations), the first of them most likely joining the Union already two years after the physical introduction of the single currency, i.e. in 2004. Many of these countries are eager to also join Monetary Union (EMU) and show their ability to be ′good Europeans′ by adopting the Euro as soon as possible. Various statements by both CEEC-government officials and monetary authorities exemplify this very vividly. This implies that the enlargement of EMU is already a relevant issue. By the time it becomes acute, positions and perspectives of both applicants and current members should be clear, if unnecessary delays and political irritations are to be avoided. The body of literature on the subject is thus as large as the questions of when, how and on what terms CEEC-accession will take place are pressing, and becoming more so as time progresses. This study attempts to coherently examine the core issues related to EMU-enlargement, equally synthesising the various segmented approaches of the academic debate, and deduce normative conclusions as to what strategic outlook should seem appropriate to both CEEC and the current EMU-12: In what timeframe should accession most sensibly take place? How appropriate are the mechanics leading up to EMU, most prominently the Exchange Rate Mechanism (ERM-II) and the Maastr
Monetary Policy In Central And Eastern Europe
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Author : Mr.David K. H. Begg
language : en
Publisher: International Monetary Fund
Release Date : 1996-09-01
Monetary Policy In Central And Eastern Europe written by Mr.David K. H. Begg 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 1996-09-01 with Business & Economics categories.
The paper uses data from transition economies in Central and Eastern Europe to assess four questions: (i) Did the standard blueprint for stabilization work, and was it implemented? (ii) To what extent was normal macroeconomics impeded by solvency problems in banks, and how successful have been policies to improve incentives within banks? (iii) Could financial markets and other infrastructure for monetary policy have been developed more quickly? (iv) How should transition economies respond to the monetary inflows that typically accompany success? The paper concludes by evaluating the changing advice offered by external agencies during the 1990s.
Inclusion Of Central European Countries In The European Monetary Union
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Author : Paul C. de Grauwe
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Inclusion Of Central European Countries In The European Monetary Union written by Paul C. de Grauwe and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The creation of the European Economic and Monetary Union (EMU) and the introduction of the euro is a historical event for the EU countries. The debates on the desirability of the EMU provoked a vast economic literature dealing with the theory of the optimum currency area, costs and benefits of the EMU, symmetric vs. asymmetric shocks, alternative mechanisms of adjustment in a monetary union and so forth. Until recently, for the Central European candidate countries for a full membership in the EU, these issues seemed to be too far away, as they concentrated on devising their own monetary and exchange rate systems suitable for their transition period. The challenges of the EMU for the Central European countries were practically not dealt with in both Western and Eastern economic literature. The present book aims to fill this gap, by focusing on the most direct issue of relevance for the Central European countries with respect to the EMU - why, how and when these countries are expected to join the EMU. The papers included in this volume study the relationship between the EU accession process of the Central European candidate countries and their involvement in the process of European monetary integration.
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.
Unoffical Euroisation As A Push Factor Towards Emu Membership
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Author : Vladimir Simic
language : en
Publisher:
Release Date : 2013
Unoffical Euroisation As A Push Factor Towards Emu Membership written by Vladimir Simic and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Unofficial euroisation is explored in this paper as a push factor towards EMU membership. The paper investigates the presence of foreign currency alongside the domestic currency in the economy and its consequences regarding the conduct of monetary and exchange rate policy. Investigation of the euroisation phenomenon reveals that the level of euroisation in Croatia is the highest of all transition economies in Central and Eastern Europe. In addition, this study demonstrates a strong presence of sectoral currency mismatches in Croatia and warns about the associated exchange rate risks. In this environment the paper establishes a reduced effectiveness of monetary policy and the dangerous balance sheet effects that may arise from the depreciation of the domestic currency. Given the above conclusions the euro introduction in Croatia may be seen as a desirable option.
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.