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The May 1997 Currency Crisis in the Czech Republic

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  • Julius Horvath

Abstract

This article discusses some issues related to the Czech currency crisis in May 1997. First, it evaluates the role of different factors which were linked with the crisis. These include the role of monetary and fiscal policy, current account deficit, real exchange rate appreciation, slower growth, political instability as well as possible contagious effects. The second part describes how the crisis evolved, what defence was used by the central bank, and how the pegged regime was abandoned and replaced by the managed float.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/14631379995896
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Post-Communist Economies.

Volume (Year): 11 (1999)
Issue (Month): 3 ()
Pages: 277-298

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Handle: RePEc:taf:pocoec:v:11:y:1999:i:3:p:277-298

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  1. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
  2. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 73-96, Fall.
  3. László Halpern & Charles Wyplosz, 1997. "Equilibrium Exchange Rates in Transition Economies," IMF Staff Papers, Palgrave Macmillan, vol. 44(4), pages 430-461, December.
  4. Anne Jansen & Donald J. Mathieson & Barry J. Eichengreen & Laura E. Kodres & Bankim Chadha & Sunil Sharma, 1998. "Hedge Funds and Financial Market Dynamics," IMF Occasional Papers 166, International Monetary Fund.
  5. Kenen,Peter B., 1995. "Economic and Monetary Union in Europe," Cambridge Books, Cambridge University Press, number 9780521558839.
  6. Milesi-Ferretti, Gian Maria & Razin, Assaf, 1996. "Persistent Current Account Deficits: A Warning Signal?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 1(3), pages 161-81, July.
  7. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, December.
  8. Begg, David, 1998. "Pegging Out: Lessons from the Czech Exchange Rate Crisis," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 669-690, December.
  9. Devenow, Andrea & Welch, Ivo, 1996. "Rational herding in financial economics," European Economic Review, Elsevier, vol. 40(3-5), pages 603-615, April.
  10. Mojmír Hájek, 1997. "Macroeconomic analysis of the czech economy 1996," Prague Economic Papers, University of Economics, Prague, vol. 1997(3).
  11. Katerina Smidkova, 2003. "Estimating the FEER for the Czech Economy," Macroeconomics 0303014, EconWPA.
  12. Peter Kenen, 1996. "Analyzing and managing exchange-rate crises," Open Economies Review, Springer, vol. 7(1), pages 469-492, March.
  13. Horvath, Julius & Jonas, Jiri, 1998. "Exchange rate regimes in the transition economies: Case study of the Czech Republic: 1990-1997," ZEI Working Papers B 11-1998, ZEI - Center for European Integration Studies, University of Bonn.
  14. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August.
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Cited by:
  1. Mark J. Holmes, 2004. "Current Account Deficits in the Transition Economies," Prague Economic Papers, University of Economics, Prague, vol. 2004(4), pages 347-358.
  2. Malgorzata Jakubiak, 2000. "Indicators of Currency Crisis: Empirical Analysis of some Emerging and Transition Economies," CASE Network Studies and Analyses 0218, CASE-Center for Social and Economic Research.

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