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Exchange Rate Regimes in Selected Advanced Transition Economies


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  • International Monetary Fund


Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.

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Paper provided by International Monetary Fund in its series IMF Policy Discussion Papers with number 00/3.

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Length: 26
Date of creation: 01 Apr 2000
Date of revision:
Handle: RePEc:imf:imfpdp:00/3

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Exchange rate regimes; Transition economies; Capital inflows; European Union; exchange rate; capital flows; exchange rate regime; capital controls; exchange rate flexibility; exchange rate policy; real exchange rate; flexible exchange rate; capital account liberalization; current account balance; short-term capital; exchange rate volatility; exchange rates; exchange rate variability; real exchange rate appreciation; exchange rate appreciation; foreign exchange; foreign exchange market; exchange rate band; fixed exchange rate; exchange rate target; exchange rate bands; current account deficits; volatility of capital flows; capital adequacy; volatile capital flows; liberalization of capital; fixed exchange rate regime; exchange rate arrangements; capital markets; capital mobility; flexible exchange rate regime; current account deficit; exchange rate stability; exchange rate system; capital adequacy ratio; exchange rate systems; volatility of capital inflows; capital accounts; flexible exchange rate systems; exchange rate mechanism; currency values; exchange rate arrangement; exchange rate parity; volatile capital; fixed exchange rate system; speculative attacks; exchange rate rules; exchange arrangements; strong capital inflows; real appreciation; exchange rate movements; exchange rate fluctuations; relative exchange rate; flexible exchange rate regimes; debt service; hedging; volatility in exchange rates; exchange risk; liberalization of capital accounts; exchange restrictions;


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