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Exchange Rate Regimes and Nominal Convergence in the CEECs

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  • Marketta Järvinen

    (Finnish Ministry of Finance)

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    Abstract

    This paper examines, in the context of future EMU membership of the Central and Eastern European countiries (CEECs), the interaction between fiscal policy and the price level in different exchange rate regimes. The theoretical framework is based on the Fiscal Theory of the Price Level (FTPL). The re sults show that a credibly fixed exchange rate is inconsistent with fiscal irresponsibility, while adopting the common currency enables the conduct of ir-responsible policies with the result that a rise in the level of debt by one member country raises the common price level of the whole union.

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    File URL: http://128.118.178.162/eps/mac/papers/0209/0209007.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 0209007.

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    Length: 50 pages
    Date of creation: 19 Sep 2002
    Date of revision:
    Handle: RePEc:wpa:wuwpma:0209007

    Note: Type of Document - SWP; prepared on PC; pages: 50
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    Web page: http://128.118.178.162

    Related research

    Keywords: Exchange rare regimes; Inflation; Fiscal theory of the price level; Transition economies;

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