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Exchange-rate policies in central Europe and monetary union

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  • Lucjan T Orlowski

Abstract

This paper examines the relationship between exchange-rate and monetary policies in transition economies (TEs) bent on entering the European Union (EU) and eventually acceding to the EUs monetary union. After detailing the present exchange-rate systems and monetary regimes in the central European TEs, currently practiced targets of monetary policy are reviewed and some proposed policy changes in response to the requirements of monetary union are discussed. Thereafter the question whether the candidates are likely to have to resort to a final currency devaluation no more than two years prior to acceding to monetary union is examined. This is followed, by way of conclusion, with some further suggestions for desirable adjustments in short-and long-term monetary policy.

Suggested Citation

  • Lucjan T Orlowski, 1998. "Exchange-rate policies in central Europe and monetary union," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 40(3), pages 58-78, September.
    • Handle: RePEc:pal:compes:v:40:y:1998:i:3:p:58-78
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    Cited by:

    1. Lucio Vinhas de Souza, 2002. "Integrated monetary and exchange rate frameworks: are there empirical differences?," Bank of Estonia Working Papers 2002-2, Bank of Estonia, revised 12 Oct 2002.
    2. Hayat, Aziz & Ganiev, Bahodir & Tang, Xueli, 2013. "Expectations of future income and real exchange rate movements," Journal of Banking & Finance, Elsevier, vol. 37(4), pages 1274-1285.
    3. Orlowski, Lucjan T., 2000. "A dynamic approach to inflation targeting in transition economies," ZEI Working Papers B 11-2000, University of Bonn, ZEI - Center for European Integration Studies.

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