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Exchange Rate Management in Central Europe and the Debate on Exchange Rate Regimes

  • Michel Aglietta
  • Camille Baulant
  • Sandra Moatti
Registered author(s):

    Central European countries have achieved a remarkable performance in restructuring their production sector toward world markets. It could not have been successful without relative macroeconomic stability in times of recurrent financial crises in Asia, Russia and Latin America. The most crucial factor has been a sustained inflow of foreign direct investment and a correlative limitation of foreign indebtedness. Eschewing excessive exposure to hot money has permitted governments to adjust their exchange rates away from the extremes of hard peg and pure floating. Consequently monetary policy has been able to strike a workable balance between the objectives of fostering competitiveness and reducing inflation steadily. This experience provides strong evidence for intermediary exchange rate regimes against so-called corner solutions. However these regimes are softer than formal target zones. For ceec they require either adaptation to the convergence criteria or delayed entry into emu.

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    Article provided by Presses de Sciences-Po in its journal Revue économique.

    Volume (Year): 54 (2003)
    Issue (Month): 5 ()
    Pages: 961-982

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    Handle: RePEc:cai:recosp:reco_545_0961
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    1. Andres Velasco & Roberto Chang, 2000. "Exchange-Rate Policy for Developing Countries," American Economic Review, American Economic Association, vol. 90(2), pages 71-75, May.
    2. Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
    3. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," NBER Working Papers 5191, National Bureau of Economic Research, Inc.
    4. John Williamson, 2000. "Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa60, 03.
    5. Paul R. Masson, 2000. "Exchange Rate Regime Transitions," IMF Working Papers 00/134, International Monetary Fund.
    6. Sebastian Edwards, 1999. "How Effective Are Capital Controls?," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 65-84, Fall.
    7. Amato, Jeffery D. & Gerlach, Stefan, 2002. "Inflation targeting in emerging market and transition economies: Lessons after a decade," European Economic Review, Elsevier, vol. 46(4-5), pages 781-790, May.
    8. Andrew Berg & Paolo Mauro & Michael Mussa & Alexander K. Swoboda & Esteban Jadresic & Paul R. Masson, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 193, International Monetary Fund.
    9. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange Rates and Financial Fragility," NBER Working Papers 7418, National Bureau of Economic Research, Inc.
    10. Siklos, Pierre L. & Abel, Istvan, 2002. "Is Hungary ready for inflation targeting?," Economic Systems, Elsevier, vol. 26(4), pages 309-333, December.
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