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Un indicateur d'ancrage nominal par le taux de change : illustration par le cas polonais

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  • Samuel Guérineau
  • Sylviane Guillaumont Jeanneney

Abstract

Most developing and transition countries have adopted exchange-rate policies that steer an intermediate course between nominal anchor and real target strategies. This article provides an indicator that measures the degree of anchorage. The relevance of the indicator is assessed for Poland and its use clarifies this country's exchange-rate policy. Moreover, an econometric estimate of the inflation rate shows the explanatory power of the indicator.

Suggested Citation

  • Samuel Guérineau & Sylviane Guillaumont Jeanneney, 2002. "Un indicateur d'ancrage nominal par le taux de change : illustration par le cas polonais," Economie & Prévision, La Documentation Française, vol. 154(3), pages 139-155.
  • Handle: RePEc:cai:ecoldc:ecop_154_0139
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    1. Szapary, Gyorgy & Jakab, Zoltan M., 1998. "Exchange Rate Policy in Transition Economies: The Case of Hungary," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 691-717, December.
    2. Drabek, Zdenek & Brada, Josef C., 1998. "Exchange Rate Regimes and the Stability of Trade Policy in Transition Economies," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 642-668, December.
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    7. Bernard Salanié, 1999. "Guide pratique des séries non-stationnaires," Économie et Prévision, Programme National Persée, vol. 137(1), pages 119-141.
    8. Desai, Padma, 1998. "Macroeconomic Fragility and Exchange Rate Vulnerability: A Cautionary Record of Transition Economies," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 621-641, December.
    9. Andrew Berg & Olivier Jean Blanchard, 1994. "Stabilization and Transition: Poland, 1990-91," NBER Chapters, in: The Transition in Eastern Europe, Volume 1, Country Studies, pages 51-92, National Bureau of Economic Research, Inc.
    10. Éric Girardin, 1994. "La politique de change dans les pays d'Europe centrale," Revue Économique, Programme National Persée, vol. 45(3), pages 589-600.
    11. László Halpern & Charles Wyplosz, 1997. "Equilibrium Exchange Rates in Transition Economies," IMF Staff Papers, Palgrave Macmillan, vol. 44(4), pages 430-461, December.
    12. Blanchard, Olivier Jean, 1994. "Transition in Poland," Economic Journal, Royal Economic Society, vol. 104(426), pages 1169-1177, September.
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    Cited by:

    1. Sylviane GUILLAUMONT JEANNENEY & Samuel GUERINEAU, 2003. "Deflation in China," Working Papers 200323, CERDI.
    2. Guerineau, Samuel & Guillamont Jeanneney, Sylviane, 2005. "Deflation in China," China Economic Review, Elsevier, vol. 16(4), pages 336-363.

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