The persistence of moderate inflation in the czech republic and the czk crisis of may 1997
AbstractThe paper deals with the exchange rate policy being implemented in combination with the mix of monetary and fiscal measures prior to the speculative attack on the CZK in 1997. The fixed nominal exchange rate may have been retained for too long and the monetary and fiscal policies were inappropriate. It explains the relation between Czech inflation, exchange rate and macroeconomic policies until the crisis of May 1997. While the Czech Republic weathered its currency crisis much better than did most other emerging economies, with the worst damage being a USD 2 billion loss of foreign reserves, the crisis failed to resolve all of the fundamental problems. It gives also some explanations for the persistence of inflation at a level around 10 % until mid-1998.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Prague Economic Papers.
Volume (Year): 1999 (1999)
Issue (Month): 4 ()
Postal: Editorial office Prague Economic Papers, University of Economics, nám. W. Churchilla 4, 130 67 Praha 3, Czech Republic
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- Josef Brada & Ali Kutan, 1999.
"The End of Moderate Inflation in Three Transition Economies?,"
William Davidson Institute Working Papers Series
230, William Davidson Institute at the University of Michigan.
- Brada, Josef C. & Kutan, Ali M., 1999. "The end of moderate inflation in three transition economies?," ZEI Working Papers B 21-1999, ZEI - Center for European Integration Studies, University of Bonn.
- Josef C. Brada & Ali M. Kutan, 2002. "The End of Moderate Inflation in Three Transition Economies?," William Davidson Institute Working Papers Series 433, William Davidson Institute at the University of Michigan.
- Josef C. Brada & Ali M. Kutan, 1999. "The end of moderate inflation in three transition economies?," Working Papers 1999-003, Federal Reserve Bank of St. Louis.
- Yu Hsing, 2004. "Impacts of Macroeconomic Policies on Output in the Czech Republic: An Application of Romer's IS-MP-IA Model," Prague Economic Papers, University of Economics, Prague, vol. 2004(4), pages 339-345.
- Kutan, Ali M. & Brada, Josef C., 1999.
"The evolution of monetary policy in transition economies,"
ZEI Working Papers
B 19-1999, ZEI - Center for European Integration Studies, University of Bonn.
- Ali M. Kutan & Josef C. Brada, 2000. "The evolution of monetary policy in transition economies," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 31-40.
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