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  • Charles Wyplosz
  • David Begg
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    Abstract

    [fre] Cet article examine le rôle de la politique des taux de change dans des pays où la transition est désormais fermement établie. En particulier, nous étudions la stratégie de sortie pour les économies en transition qui s’étaient auparavant appuyées sur le taux de change comme principal ancrage nominal. Tout d’abord, nous décrivons le contexte du problème de sortie et les problèmes associés. Puis nous indiquons comment ce problème pourrait en principe être résolu. Enfin, nous examinons les données réunies dans trois grands - mais très différents - pays en transition : la Pologne, la République tchèque et la Hongrie. Notre objectif est d’analyser les coûts et avantages associés à chacune de ces différentes méthodes de sortie du régime initial des taux de change. . Classification JEL : E52, F31, P20 [eng] Untied Hands are Fundamentally Better . In this paper, we consider the evolving role of exchange rate policy in countries where transition is now successfully established. In particular, we discuss the exit strategy for those transition economies that initially had relied on the exchange rate as the principal nominal anchor. First, we provide the background to the exit problem. We discuss how this problem might in principle be solved. Then we examine evidence from three leading, but contrasting, transition economies in Central Europe : Poland, the Czech Republic and Hungary. The purpose of our discussion is to consider the costs and benefits associated with each of these different methods of exit from the original exchange rate regime. . JEL classifications : E52, F31, P20

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    File URL: http://dx.doi.org/doi:10.3406/ecofi.2001.3914
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    File URL: http://www.persee.fr/articleAsPDF/ecofi_0987-3368_2001_hos_6_1_3914/ecofi_0987-3368_2001_hos_6_1_3914.pdf?mode=light
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    Bibliographic Info

    Article provided by Programme National Persée in its journal Revue d'économie financière.

    Volume (Year): 6 (2001)
    Issue (Month): 1 ()
    Pages: 349-380

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    Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_hos_6_1_3914

    Note: DOI:10.3406/ecofi.2001.3914
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    Web page: http://www.persee.fr/web/revues/home/prescript/revue/ecofi

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    1. Ben S. Bernanke & Ilian Mihov, 1996. "What Does the Bundesbank Target?," NBER Working Papers 5764, National Bureau of Economic Research, Inc.
    2. Fischer, Stanley & Sahay, Ratna & Vegh, Carlos, 1996. "Stabilization and growth in transition economies: The early experience," MPRA Paper 20631, University Library of Munich, Germany.
    3. Jeffrey A. Frankel & Andrew K. Rose, 1996. "Currency crashes in emerging markets: an empirical treatment," International Finance Discussion Papers 534, Board of Governors of the Federal Reserve System (U.S.).
    4. Graciela Laura Kaminsky, 1997. "Leading Indicators of Currency Crises," IMF Working Papers 97/79, International Monetary Fund.
    5. Grafe, Clemens & Wyplosz, Charles, 1997. "The Real Exchange Rate in Transition Economies," CEPR Discussion Papers 1773, C.E.P.R. Discussion Papers.
    6. Richard Clarida & Jordi Gali & Mark Gertler, 1998. "Monetary policy rules in practice," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
    7. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
    8. Begg, David, 1998. "Pegging Out: Lessons from the Czech Exchange Rate Crisis," CEPR Discussion Papers 1956, C.E.P.R. Discussion Papers.
    9. Fischer, Stanley & Sahay, Ratna & Vegh, Carlos A, 1996. "Economies in Transition: The Beginnings of Growth," American Economic Review, American Economic Association, vol. 86(2), pages 229-33, May.
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