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Exchange rate policies during transition from plan to market

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  • Dariusz Rosati

Abstract

This paper reviews the exchange rate policies adopted in the early years of transition, paying attention to the dilemmas concerning the degree of convertibility, the initial choice of exchange rate regime and the required scale of devaluation. The initial liberalization and devaluation were then followed by a period of real exchange rate appreciation, which was accompanied by improving export performance; this second phase has policy implications that are briefly discussed. Throughout, a key constraint is the inability of the central bank to target simultaneously monetary aggregates, interest rates and the exchange rate. In the presence of large capital inflows the authorities have to manage the exchange rate and domestic monetary policy in order to keep inflation acceptably low while maintaining international competitiveness. Copyright 1996 The European Bank for Reconstruction and Development.

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Bibliographic Info

Article provided by The European Bank for Reconstruction and Development in its journal Economics of Transition.

Volume (Year): 4 (1996)
Issue (Month): 1 (05)
Pages: 159-184

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Handle: RePEc:bla:etrans:v:4:y:1996:i:1:p:159-184

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Cited by:
  1. Lucjan T. Orlowski, 1996. "The Path of Exchange Rates in the Polish Economic Transformation," CASE Network Studies and Analyses 0090, CASE-Center for Social and Economic Research.
  2. Marek Dabrowski, 1999. "Disinflation, Monetary Policy and Fiscal Constraints. Experience of the Countries in Transition," CASE Network Reports 0016, CASE-Center for Social and Economic Research.
  3. Balázs Égert & Kirsten Lommatzsch, 2004. "Equilibrium Exchange Rates in the Transition: The Tradable Price-Based Real Appreciation and Estimation Uncertainty," William Davidson Institute Working Papers Series 2004-676, William Davidson Institute at the University of Michigan.
  4. Egert, Balazs, 2002. "Estimating the impact of the Balassa-Samuelson effect on inflation and the real exchange rate during the transition," Economic Systems, Elsevier, vol. 26(1), pages 1-16, April.
  5. Paul G. Hare, 2000. "Trade Policy during the Transition. Lessons from the 1990s," CERT Discussion Papers 0006, Centre for Economic Reform and Transformation, Heriot Watt University.
  6. Balázs Égert & László Halpern & Ronald MacDonald, 2005. "Equilibrium Exchange Rates in T ransition Economies: T aking Stock of the Issues," Working Papers 106, Oesterreichische Nationalbank (Austrian Central Bank).
  7. Daviddi, Renzo & Ilzkovitz, Fabienne, 1997. "The Eastern enlargement of the European Union: Major challenges for macro-economic policies and institutions of Central and East European countries," European Economic Review, Elsevier, vol. 41(3-5), pages 671-680, April.
  8. Miron J. Wolnicki, 2000. "Optimal Monetary Strategies for Central and East European EU Candidates," New York Economic Review, New York State Economics Association (NYSEA), vol. 31(1), pages 42-54.
  9. repec:onb:oenbwp:y::i:106:b:1 is not listed on IDEAS

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