IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_2001_hos_6_1_3914.html
   My bibliography  Save this article

Il est toujours préférable d’avoir les mains libres

Author

Listed:
  • David Begg
  • Charles Wyplosz

Abstract

[eng] Untied Hands are Fundamentally Better . In this paper, we consider the evolving role of exchange rate policy in countries where transition is now successfully established. In particular, we discuss the exit strategy for those transition economies that initially had relied on the exchange rate as the principal nominal anchor. First, we provide the background to the exit problem. We discuss how this problem might in principle be solved. Then we examine evidence from three leading, but contrasting, transition economies in Central Europe : Poland, the Czech Republic and Hungary. The purpose of our discussion is to consider the costs and benefits associated with each of these different methods of exit from the original exchange rate regime. . JEL classifications : E52, F31, P20 [fre] Cet article examine le rôle de la politique des taux de change dans des pays où la transition est désormais fermement établie. En particulier, nous étudions la stratégie de sortie pour les économies en transition qui s’étaient auparavant appuyées sur le taux de change comme principal ancrage nominal. Tout d’abord, nous décrivons le contexte du problème de sortie et les problèmes associés. Puis nous indiquons comment ce problème pourrait en principe être résolu. Enfin, nous examinons les données réunies dans trois grands - mais très différents - pays en transition : la Pologne, la République tchèque et la Hongrie. Notre objectif est d’analyser les coûts et avantages associés à chacune de ces différentes méthodes de sortie du régime initial des taux de change. . Classification JEL : E52, F31, P20

Suggested Citation

  • David Begg & Charles Wyplosz, 2001. "Il est toujours préférable d’avoir les mains libres," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 349-380.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_hos_6_1_3914
    Note: DOI:10.3406/ecofi.2001.3914
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2001.3914
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2001_hos_6_1_3914
    Download Restriction: no

    References listed on IDEAS

    as
    1. Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
    2. Grafe, Clemens & Wyplosz, Charles, 1997. "The Real Exchange Rate in Transition Economies," CEPR Discussion Papers 1773, C.E.P.R. Discussion Papers.
    3. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
    4. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
    5. S. Fisher & R. Sahay & C. A. Vegh, 1997. "Stabilization and Growth in Transition Economies: The Early Experience," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
    6. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November.
    7. Richard H. Clarida & Jordi Gali & Mark Gertler, 1998. "Monetary policy rules in practice," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
    8. Begg, David, 1998. "Pegging Out: Lessons from the Czech Exchange Rate Crisis," Journal of Comparative Economics, Elsevier, vol. 26(4), pages 669-690, December.
    9. Fischer, Stanley & Sahay, Ratna & Vegh, Carlos A, 1996. "Economies in Transition: The Beginnings of Growth," American Economic Review, American Economic Association, vol. 86(2), pages 229-233, May.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2001_hos_6_1_3914. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: https://www.persee.fr/collection/ecofi .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.