The Comparative Analysis Of The Monetary Policy Strategies Before The Adoption Of The Euro Currency And The Impact Upon The Maastricht Criteria
AbstractIn the way towards the euro, the monetary and exchange rate policy must follow, in parallel, the achievement of the nominal and real convergence. The purpose of this work paper is the analysis of the monetary policy strategies in Slovenia and Slovakia before the adoption of the euro on two periods: pre-ERM II and ERM II. On the one hand the two forms of the inflation targeting strategy have been efficient in the pre-EMU period through the adjustment of the interest rate so that the real rate would not stimulate the crediting, while on the other hand the monetary authority has followed the reduction of the interest rate differential in order to assure the stability of the exchange rate.
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Bibliographic InfoArticle provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.
Volume (Year): 6 (2011)
Issue (Month): 3(17)/ Fall 2011 ()
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Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14
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monetary policy strategy; euro; interest rate differential; exchange rate; inflation;
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Mirdala, Rajmund, 2012. "Macroeconomic Aspects of Real Exchange Rate Volatility in the Central European Countries," MPRA Paper 40910, University Library of Munich, Germany.
- Mirdala, Rajmund, 2012. "Interest Rates Determination and Crisis Puzzle (Empirical Evidence from the European Transition Economies)," MPRA Paper 43756, University Library of Munich, Germany.
- Mirdala, Rajmund, 2013. "Current Account Adjustments and Real Exchange Rates in the European Transition Economies," MPRA Paper 48901, University Library of Munich, Germany.
- Rajmund MIRDALA, 2013.
"Real Output and Prices Adjustments under Different Exchange Rate Regimes,"
Chapters of Financial Aspects of Recent Trends in the Global Economy book,
in: Rajmund Mirdala (ed.), Financial Aspects of Recent Trends in the Global Economy, volume 1, chapter 11, pages 208-230
- Mirdala, Rajmund, 2013. "Real Output and Prices Adjustments under Different Exchange Rate Regimes," MPRA Paper 46879, University Library of Munich, Germany.
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