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The Role of Exchange-Rate Regimes for Achieving Sustainable Growth in Central and Eastern Europe

Author

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  • Elena Spasova

Abstract

The subject of this study is the relationship between the exchange rate regimes operating in 14 economies of Central and Eastern Europe and the pace of their economic growth in the 2002-2014 period. In order to study the presence and the direction of this relationship, a brief de­scriptive analysis is made in the context of the impact of the exchange rate regime on the mac­roeconomic conditions in these countries, includ­ing through the prism of the impossible trinity concept of Mundell and Fleming. The analysis proves the presence of greater volatility and in­stability of economic growth in terms of fixity of the exchange rate. The negative effect of the fixed exchange-rate regimes over the pace of growth is confirmed by an econometric analysis on the economic growth in these countries

Suggested Citation

  • Elena Spasova, 2016. "The Role of Exchange-Rate Regimes for Achieving Sustainable Growth in Central and Eastern Europe," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 24-40, January.
    • Handle: RePEc:nwe:iisabg:y:2016:i:1:p:24-40
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    Cited by:

    1. Gancho Ganchev & Elena Stavrova & Vladimir Tsenkov & Mariya Paskaleva, 2020. "The “impossible trilemma” and the analysis of its validity by visualization through the use of artificial intelligence software," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 56-75,76-94.

    More about this item

    Keywords

    exchange-rate regimes; economic growth; sustainability;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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