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De facto exchange-rate regimes in Central and Eastern European Countries

Author

Listed:
  • Simón Sosvilla Rivero

    (Departamento de Economía Cuantitativa, Facultad de Ciencias Económicas y Empresariales, Universidad Complutense de Madrid.)

  • Maria del Carmen Ramos Herrera

    (Departamento de Economía Cuantitativa, Facultad de Ciencias Económicas y Empresariales, Universidad Complutense de Madrid.)

Abstract

This paper attempts to identify implicit exchange rate regimes for currencies of new European Union (EU) countries vis-à-vis the euro. To that end, we apply three sequential procedures that consider the dynamics of exchange rates to data covering the period from 1999:01 to 2012:12. Our results would suggest that implicit bands have existed in many sub-periods for almost all currencies under study. This paper provides new empirical evidence that strengthens the hypothesis of that the implemented policies differ from those announced by the monetary authorities, identifying the existence of de facto fixed monetary systems along large number of sub-periods for different currencies.

Suggested Citation

  • Simón Sosvilla Rivero & Maria del Carmen Ramos Herrera, 2015. "De facto exchange-rate regimes in Central and Eastern European Countries," Working Papers del Instituto Complutense de Estudios Internacionales 1502, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
    • Handle: RePEc:ucm:wpaper:1502
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    Keywords

    Exchange-rate regimes; Implicit fluctuation bands; Exchange rates.;
    All these keywords.

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