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Exchange rate arrangements in the run-up to the EMU: some experience in currency board countries

  • Julda Kielyte

Since the beginning of the transition process from centrally planed to market economies, East European countries have experienced relatively high inflation and a market depreciation of their currency. Their monetary systems have gone through dramatic changes in the recent ten years, making the transition from a mono-bank to the traditional autonomous central bank. Some have adopted a currency board arrangement (CBA). Three candidate countries to the European Union (EU) - Bulgaria, Estonia and Lithuania -face the perspective of becoming a full-fledged members of the EU and after of the European Monetary Union (EMU). This paper investigates the issues and advantages of CBAs, especially in three transition countries (Estonia, Lithuania and Bulgaria) in the context of accession to the EU and to the European Monetary Union (EMU).

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Paper provided by Economics and Econometrics Research Institute (EERI), Brussels in its series EERI Research Paper Series with number EERI_RP_2002_01.

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Length: 22 pages
Date of creation: Jan 2002
Date of revision:
Handle: RePEc:eei:rpaper:eeri_rp_2002_01
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  1. Ronald MacDonald & Luca Ricci, 2001. "PPP and the Balassa Samuelson Effect: the Role of the Distribution Sector," CESifo Working Paper Series 442, CESifo Group Munich.
  2. Mundell, Robert, 2000. "Currency Areas, Volatility and Intervention," Journal of Policy Modeling, Elsevier, vol. 22(3), pages 281-299, May.
  3. György Szapáry, 2001. "Maastricht and the Choice of Exchange Rate Regime in Transition Countries during the Run-Up to EMU," Economics Working Papers 006, European Network of Economic Policy Research Institutes.
  4. International Monetary Fund, 2000. "Exchange Rate Regimes in Selected Advanced Transition Economies: Coping with Transition, Capital Inflows, and EU Accession," IMF Policy Discussion Papers 00/3, International Monetary Fund.
  5. Balázs Egert, 2002. "Investigating the Balassa-Samuelson hypothesis in the transition: Do we understand what we see? A panel study," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 273-309, July.
  6. Marek Belka & Jens Thomsen & Kim Abildgren & Pietro Catte & Pietro Cova & Patrizio Pagano & Ignazio Visco & Petar Chobanov & Amine Lahiani & Nikolay Nenovsky & Cristina Badarau & Grégory Levieuge & To, 2011. "Monetary Policy after the Crisis," SUERF Studies, SUERF - The European Money and Finance Forum, number 2011/3 edited by Ernest Gnan, & Ryszard Kokoszczynski & Tomasz Łyziak & Robert McCauley.
  7. Honohan, Patrick, 1994. "Currency Board or Central Bank? Lessons from the Irish Pound's Link with Sterling, 1928-79," CEPR Discussion Papers 1040, C.E.P.R. Discussion Papers.
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