Exchange Rate Regimes and Poland's Participation in ERM II
AbstractIn this paper we address some of the issues resulting from Poland's will to join the Economic and Monetary Union. Our attention focuses on topics related to the possibly soon entry into the European exchange rate mechanism (ERM II). We consider the possible paths of entering the system, providing a detailed analysis of the choice of fluctuation margins and the central parity. Further, we analyze the possible monetary policy strategies within the system. We describe the benefits and drawbacks of ERM II participation and consider the eventuality of parity revaluation. In this part estimates of the Balassa-Samuelson effect for Poland are provided.
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Date of creation: 04 Feb 2003
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Transition economies; Poland; ERM II; Balassa-Samuelson effect; equilibrium exchange rate;
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-02-10 (All new papers)
- NEP-EEC-2003-02-10 (European Economics)
- NEP-FIN-2003-02-10 (Finance)
- NEP-IFN-2003-02-10 (International Finance)
- NEP-MAC-2003-02-10 (Macroeconomics)
- NEP-MON-2003-02-10 (Monetary Economics)
- NEP-PKE-2003-02-10 (Post Keynesian Economics)
- NEP-TRA-2003-02-10 (Transition Economics)
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