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Exchange Rate Management Strategies in the Accession Countries: The Case of Hungary

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  • Garett Jones

    ()
    (Department of Economics and Finance, Southern Illinois University Edwardsville, Edwardsville, IL 62026, USA.)

  • Ali M Kutan

    ()
    ([1] Department of Economics and Finance, Southern Illinois University Edwardsville, Edwardsville, IL 62026, USA. [2] Center for European Integration Studies (ZEI), Bonn, Germany)

Abstract

Several leading candidate countries will eventually enter the European Monetary Union (EMU). A key question is what exchange rate management policy should be pursued after joining the European Union (EU). This paper focuses on the impact of Euro-area monetary policy on Hungary. We find that Euro-area monetary policy shocks may be destabilising for Hungary as the impact of these shocks appears to be much greater on Hungarian industrial production than on Euro-area industrial production. Thus, Hungary has much to gain by retaining some monetary policy independence during the interim period between admission to the EU and adoption of the euro in order to isolate itself from Euro-area monetary policy shocks. Comparative Economic Studies (2004) 46, 23–44. doi:10.1057/palgrave.ces.8100044

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 46 (2004)
Issue (Month): 1 (March)
Pages: 23-44

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Handle: RePEc:pal:compes:v:46:y:2004:i:1:p:23-44

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Cited by:
  1. Jesús Rodríguez López & José Luis Torres Chacón, 2006. "Following the yellow brick road? The Euro, the Czech Republic, Hungary and Poland," Working Papers 06.12, Universidad Pablo de Olavide, Department of Economics.
  2. Jérôme Creel & Sandrine Levasseur, 2006. "Canaux de transmission de la politique monétaire dans l'ue. Le cas de trois nouveaux entrants," Revue économique, Presses de Sciences-Po, vol. 57(4), pages 881-898.
  3. Crespo Cuaresma, Jesus & Wojcik, Cezary, 2006. "Measuring monetary independence: Evidence from a group of new EU member countries," Journal of Comparative Economics, Elsevier, vol. 34(1), pages 24-43, March.
  4. Slavov, Slavi T., 2008. "Measuring and modeling the effects of G-3 exchange rate fluctuations on small open economies: A natural experiment," Economic Systems, Elsevier, vol. 32(3), pages 253-273, September.
  5. Mikek, Peter, 2008. "Alternative monetary policies and fiscal regime in new EU members," Economic Systems, Elsevier, vol. 32(4), pages 335-353, December.
  6. Lucjan T Orlowski, 2005. "Exchange Rate Risk and Convergence to the Euro," Macroeconomics 0501034, EconWPA.

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