Download or read book A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe written by Mr.Vladimir Klyuev and published by INTERNATIONAL MONETARY FUND. This book was released on 2001-09-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book A model of exchange rate regime choice in the transitional economies of central and eastern Europe written by David A. Dyker and published by . This book was released on 2001 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book 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 published by International Monetary Fund. This book was released on 1999-07-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Transition Economies of Central and Eastern Europe written by Ruta Malinauskaite and published by . This book was released on 2004 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Capital Flows in Central and Eastern Europe written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 1995-06-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Choice of Exchange Rate Regimes written by Jürgen von Hagen and published by . This book was released on 2002 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Exchange Rate Regimes in Selected Advanced Transition Economies written by International Monetary Fund and published by International Monetary Fund. This book was released on 2000-04-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Economic Dynamics in Transitional Economies written by Bruno Sergi and published by Routledge. This book was released on 2020-07-24 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: Learn more about the transitional economies of Central and Eastern Europe! This book examines the economic dynamics of Central and Eastern European post-Communist countries. It illuminates the paths these countries are taking toward restructuring their markets, increasing international trade, and bettering their connections with the European Union and other countries. Beginning with a comparative analysis of the three “P-governments”—Pigouvian, Partizan, and Paternalistic—and continuing with a discussion of the interrelated political and economic difficulties of transition, author Bruno Sergi proposes a surprising solution. Inspired by the Bruxelles consensus, he proposes that the European Commission should become a fourth “P-government,” replacing the role formerly played by the Washington consensus in the restructuring of post-Communist economies. Economic Dynamics in Transitional Economies also explores: regional comparative macroeconomics the aftereffects of the Washington Consensus integration of Eastern and Western European economies interrelations between national and regional monetary activity political and economic policy reform involvement of European Union member countries We are living in historic times, and Economic Dynamics in Transitional Economies will be a welcome guide to the rough roads ahead. This thorough assessment of current political and economic realities will stimulate debate about new European paradigms, the role of the European Union, and the difficulties of post-Communist transition. These issues promise to be vital to the region’s success in the new century.
Download or read book Options for the Payments and Exchange Rate System in Eastern Europe written by Peter Bofinger and published by . This book was released on 1991 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Beyond Transition written by Ben Slay and published by Routledge. This book was released on 2017-11-30 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The post-communist Central European and Baltic economies are now approaching the end of their transitions to well-functioning market systems. In some respects, the approaching EU accession and conclusion of the transition marks the end of a fascinating period in economic history. Beyond Transition focuses on the economic problems and issues facing Central Europe and the Baltics, the Balkans, and countries belonging to the Commonwealth for Independent States (CIS) in the post-transition context. This focus reflects the need to better understand two processes that are increasingly apparent in the post-communist economic space. First, many of the problems now facing policy makers in post-communist economies - choice of exchange rate regime, tax reform, labour market regulation, improving corporate governance - also face policy makers in developed and developing countries in other parts of the world. Second, the EU's eastern enlargement and the policy agendas facing the first wave accession candidates have major implications for the CIS and Balkan countries that have not been (and may never be) invited to join this process.
Download or read book Transition Economies written by Aleksandr V. Gevorkyan and published by Routledge. This book was released on 2018-04-17 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: This interdisciplinary study offers a comprehensive analysis of the transition economies of Central and Eastern Europe and the former Soviet Union. Providing full historical context and drawing on a wide range of literature, this book explores the continuous economic and social transformation of the post-socialist world. While the future is yet to be determined, understanding the present phase of transformation is critical. The book’s core exploration evolves along three pivots of competitive economic structure, institutional change, and social welfare. The main elements include analysis of the emergence of the socialist economic model; its adaptations through the twentieth century; discussion of the 1990s market transition reforms; post-2008 crisis development; and the social and economic diversity in the region today. With an appreciation for country specifics, the book also considers the urgent problems of social policy, poverty, income inequality, and labor migration. Transition Economies will aid students, researchers and policy makers working on the problems of comparative economics, economic development, economic history, economic systems transition, international political economy, as well as specialists in post-Soviet and Central and Eastern European regional studies.
Download or read book Choice of Exchange Rate Regime in Central and Eastern European Countries written by Agnieszka Markiewicz and published by . This book was released on 2005 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe written by Vladimir Klyuev and published by International Monetary Fund. This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Too Sensational written by W. Max Corden and published by MIT Press. This book was released on 2004-08-20 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most of the literature on exchange rate regimes has focused on the developed countries. Since the recent crises in emerging markets, however, attention has shifted to the choice of exchange rate regimes for developing countries, especially those that are more integrated into the world capital markets. In Too Sensational, W. Max Corden presents a systematic and accessible overview of the choice of exchange rate regimes. Reviewing many types of regimes, he shows how the choice of an exchange rate regime is related to both fiscal policy and trade policy. Building on the theory of optimum currency areas, Corden develops an analytic framework of three approaches (nominal anchor, real targets, and exchange rate stability) and three polar exchange rate regimes (absolutely fixed, pure floating, and fixed but adjustable). He considers all other regimes to be mixtures of two or three of the polar regimes. Beginning with theory and later turning to case studies of countries in Asia, Europe, and Latin America, Corden focuses on how economies react to negative and positive shocks under various exchange rate regimes. He examines in particular the Asian and Latin American currency crises of the 1990s. He concludes that although "too sensational" crises have discredited fixed but adjustable regimes, the extremes of absolutely fixed regimes or pure floating regimes need not be chosen.
Download or read book Exchange Rate Regimes in Selected Advanced Transition Economies written by and published by . This book was released on 2000 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Taming Financiers written by Jana Grittersova and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the transition and developing world, the choice of exchange rate regime is one of the most important and controversial policy decisions. What are the main factors that determine the choices of governments in exchange rate policy? What are the structures and institutions that allow governments to credibly commit to and sustain a fixed exchange rate regime? These are the central questions for this study. To answer these questions, I examine the puzzling variation in exchange rate regime choices in Eastern Europe (EE) and changes in these choices over time. This study is an attempt to explore the determinants of the "de facto" exchange rate arrangements chosen by policymakers in EE. I combine the choice and the sustainability of fixed exchange rate regimes in a political-economic approach. The project's central finding is that exchange rate regime choices depend on several factors: first, on the different interests and strategies of incumbent domestic (state-owned and private) and foreign banks in determining exchange rate policies; and second, on the bank ownership structure and institutional variation of national financial systems. The variation in national financial systems between EE countries is, in turn, a function of the variation in privatization strategies and openness to foreign investments in the banking sector. This research thus demonstrates how the connection between financial interests and exchange rate regime choices is mediated by domestic financial systems. This dissertation integrates theories of financial development into interest groups theories in the political economy of exchange rates. I evaluate this argument against two types of evidence. Statistical analysis of cross-national time-series data allows me to test the impact of financiers on exchange rate policies against a sample of twenty-five EE countries between 1990 and 2004. Statistical analysis is accompanied by in-depth examination of four theoretically important cases-Bulgaria, the Czech Republic, Poland, and Estonia-based on a thorough reading of the relevant secondary literature, the perusal of central bank, government and archival documents, and the conducting of 105 semi-structured interviews. The thesis develops a novel four-fold typology of financial systems in EE-capture, collusion, consensus, and competition-exemplified by the four countries.
Download or read book Exchange Rate Policies Prices and Supply side Response written by Christos Papazoglou and published by Springer. This book was released on 2001-05-15 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, based upon a large-scale research project, examines alternative types of exchange rate policies being pursued and the changing nature of exchange rate policy during the transition process in four countries, Slovenia, Bulgaria, Poland and the Czech Republic. The book brings together a series of original contributions by country experts and draws out some common themes and over-arching policy implications for the operation of exchange rate policy in the transition process.
