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Exchange Rate Regimes and the Stability of Trade Policy in Transition Economies

Listed author(s):
  • Drabek, Zdenek
  • Brada, Josef C.

This paper examines the interplay between exchange rate regimes and policies and commercial policy in six transition economies. In all these economies the rate of protection afforded domestic industry by the exchange rate has been eroded by high rates of inflation and insufficient growth in productivity. As a result, there has been pressure on governments to increase trade barriers and each country examined has had recourse to various means of restricting imports. We argue that more flexible management of the nominal exchange rate would be a preferable way of dealing with the real appreciation of these countries' currencies. exchange rates, trade policy, transition economies.

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Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 26 (1998)
Issue (Month): 4 (December)
Pages: 642-668

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Handle: RePEc:eee:jcecon:v:26:y:1998:i:4:p:642-668
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622864

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  1. Dornbusch, Rudiger, 1982. "PPP Exchange-Rate Rules and Macroeconomic Stability," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 158-165, February.
  2. Frankel, Jeffrey A, 1996. "Recent Exchange-Rate Experience and Proposals for Reform," American Economic Review, American Economic Association, vol. 86(2), pages 153-158, May.
  3. Ades, Alberto F. & Kiguel, Miguel & Liviatan, Nissan, 1993. "Exchange rate based stabilization : tales from Europe and Latin America," Policy Research Working Paper Series 1087, The World Bank.
  4. László Halpern & Charles Wyplosz, 1997. "Equilibrium Exchange Rates in Transition Economies," IMF Staff Papers, Palgrave Macmillan, vol. 44(4), pages 430-461, December.
  5. Carlin, Wendy & Landesmann, Michael, 1997. "From Theory into Practice? Restructuring and Dynamism in Transition Economies," Oxford Review of Economic Policy, Oxford University Press, vol. 13(2), pages 77-105, Summer.
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  7. Sergio Rebelo & Carlos A. Vegh, 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," NBER Chapters,in: NBER Macroeconomics Annual 1995, Volume 10, pages 125-188 National Bureau of Economic Research, Inc.
  8. Michael Mussa, 1985. "The Real Exchange Rate as a Tool of Commercial Policy," NBER Working Papers 1577, National Bureau of Economic Research, Inc.
  9. Sebastian Edwards, 1993. "Exchange Rates, Inflation and Disinflation: Latin American Experiences," NBER Working Papers 4320, National Bureau of Economic Research, Inc.
  10. Ronald McKinnon, 1990. "The exchange rate and the trade balance," Open Economies Review, Springer, vol. 1(1), pages 17-37, February.
  11. Carlos A. Végh Gramont & Ratna Sahay, 1995. "Inflation and Stabilization in Transition Economies; A Comparison with Market Economies," IMF Working Papers 95/8, International Monetary Fund.
  12. Anne O. Krueger, 1997. "Nominal Anchor Exchange Rate Policies as a Domestic Distortion," NBER Working Papers 5968, National Bureau of Economic Research, Inc.
  13. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-1176, December.
  14. Michael Mussa & Robert P. Flood, 1994. "Issues Concerning Nominal Anchors for Monetary Policy," IMF Working Papers 94/61, International Monetary Fund.
  15. Begg, David, 1998. "Pegging Out: Lessons from the Czech Exchange Rate Crisis," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 669-690, December.
  16. Maurice Obstfeld, 1984. "Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Liberalization and Stabilization," NBER Working Papers 1526, National Bureau of Economic Research, Inc.
  17. Brada, Josef C & Mendez, Jose, 1988. "Exchange Rate Risk, Exchange Rate Regime and the Volume of International Trade," Kyklos, Wiley Blackwell, vol. 41(2), pages 263-280.
  18. Elmar B. Koch, 1997. "Exchange Rates and Monetary Policy in Central Europe - a Survey of Some Issues," Working Papers 24, Oesterreichische Nationalbank (Austrian Central Bank).
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