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Exchange Rate Management in Central Europe and the Debate on Exchange Rate Regimes

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  • Michel Aglietta
  • Camille Baulant
  • Sandra Moatti
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    Abstract

    Central European countries have achieved a remarkable performance in restructuring their production sector toward world markets. It could not have been successful without relative macroeconomic stability in times of recurrent financial crises in Asia, Russia and Latin America. The most crucial factor has been a sustained inflow of foreign direct investment and a correlative limitation of foreign indebtedness. Eschewing excessive exposure to hot money has permitted governments to adjust their exchange rates away from the extremes of hard peg and pure floating. Consequently monetary policy has been able to strike a workable balance between the objectives of fostering competitiveness and reducing inflation steadily. This experience provides strong evidence for intermediary exchange rate regimes against so-called corner solutions. However these regimes are softer than formal target zones. For ceec they require either adaptation to the convergence criteria or delayed entry into emu.

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    Bibliographic Info

    Article provided by Presses de Sciences-Po in its journal Revue économique.

    Volume (Year): 54 (2003)
    Issue (Month): 5 ()
    Pages: 961-982

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    Handle: RePEc:cai:recosp:reco_545_0961

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    Web page: http://www.cairn.info/revue-economique.htm

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    1. Amato, Jeffery D. & Gerlach, Stefan, 2001. "Inflation Targeting in Emerging Market and Transition Economies: Lessons After a Decade," CEPR Discussion Papers 3074, C.E.P.R. Discussion Papers.
    2. Masson, Paul R., 2001. "Exchange rate regime transitions," Journal of Development Economics, Elsevier, vol. 64(2), pages 571-586, April.
    3. Sebastian Edwards, 1999. "How Effective Are Capital Controls?," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 65-84, Fall.
    4. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," NBER Working Papers 5191, National Bureau of Economic Research, Inc.
    5. John Williamson, 2000. "Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa60, November.
    6. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
    7. Andrew Berg & Paolo Mauro & Michael Mussa & Alexander K. Swoboda & Esteban Jadresic & Paul R. Masson, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 193, International Monetary Fund.
    8. Andres Velasco & Roberto Chang, 2000. "Exchange-Rate Policy for Developing Countries," American Economic Review, American Economic Association, vol. 90(2), pages 71-75, May.
    9. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
    10. Siklos, Pierre L. & Abel, Istvan, 2002. "Is Hungary ready for inflation targeting?," Economic Systems, Elsevier, vol. 26(4), pages 309-333, December.
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    Cited by:
    1. Shuang Ding & Omar Al Shehabi, 2008. "Estimating Equilibrium Exchange Rates for Armenia and Georgia," IMF Working Papers 08/110, International Monetary Fund.
    2. Bouoiyour, Jamal & Emonnot, Claude & Rey, Serge, 2005. "Régimes de change intermédiaires dans les économies émergentes: le cas du Maroc
      [Intermediate Exchange Rate Regimes in Emerging Economies: The Case of Morocco]
      ," MPRA Paper 30215, University Library of Munich, Germany.
    3. Kierzenkowski, Rafal, 2002. "The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition," CEPR Discussion Papers 3624, C.E.P.R. Discussion Papers.
    4. Kierzenkowski, Rafal, 2005. "The multi-regime bank lending channel and the effectiveness of the Polish monetary policy transmission during transition," Journal of Comparative Economics, Elsevier, vol. 33(1), pages 1-24, March.

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