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The Inflation and Exchange Rate in the Five Balkan Countries from Maastricht Convergence Criteria Prospect


Author Info

  • Vlastimir Vukovic

    (Institute of Economic Sciences)

  • Aleksandar Zdravkovic

    (Institute of Economic Sciences)

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    In the focus of this research of the inflation and exchange rate from the Maastricht convergence criteria prospect are five Balkan countries, former Yugoslav republics: Bosnia and Herzegovina, Croatia, Macedonia, Montenegro and Serbia. Comparative analysis of the price and exchange rate stability in these countries was done by comparing to the EU average and certain Member States from Central, Eastern and Southeastern Europe (CESE). The basic goal was to determine the degree of nominal convergence, disregarding the fact that Maastricht convergence criteria are not the conditions for getting the status of the EU Member State, but for joining Economic and Monetary Union (EMU), or Euro zone. The subjects of the research were also the determinants of the price and exchange rate stability in this group of countries, and especially monetary policy strategy. Corresponding recommendations were given at the end to the analyzed countries and European Central Bank (ECB).

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    Bibliographic Info

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    This chapter was published in:

  • Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), 2011. "Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union," Books, Institute of Economic Sciences, Institute of Economic Sciences, number conissue, December.
    This item is provided by Institute of Economic Sciences in its series Book Chapters with number conissue-3.

    Handle: RePEc:ibg:chaptr:conissue-3

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    Keywords: Transition economies; Balkan; inflation; exchange rate; Maastricht convergence criteria; monetary policy; dollarization;


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Sandra Dvorsky & Thomas Scheiber & Helmut Stix, 2008. "Euroization in Central, Eastern and Southeastern Europe – First Results from the New OeNB Euro Survey," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 48-60.
    2. Frederic S. Mishkin, 2006. "Monetary Policy Strategy: How Did We Get Here?," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 53(4), pages 359-388, December.
    3. Zsolt Darvas & György Szapáry, 2008. "Euro Area Enlargement and Euro Adoption Strategies," Working Papers, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest 0801, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
    4. John Lewis, 2007. "Hitting and Hoping? Meeting the Exchange Rate and Inflation Criteria During a Period of Nominal Convergence," DNB Working Papers, Netherlands Central Bank, Research Department 130, Netherlands Central Bank, Research Department.
    5. Evan Kraft, 2003. "Monetary Policy under Dollarisation: The Case of Croatia," Comparative Economic Studies, Palgrave Macmillan, vol. 45(3), pages 256-277, September.
    6. Max Gillman & Mark N. Harris, 2010. "The effect of inflation on growth," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 18(4), pages 697-714, October.
    7. Ales Bulir & Jaromír Hurník, 2006. "The Maastricht Inflation Criterion," IMF Working Papers, International Monetary Fund 06/154, International Monetary Fund.
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