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Choice of Exchange Rate Regime in Central and Eastern European Countries: an Empirical Analysis

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  • Agnieszka Markiewicz

Abstract

This paper identifies the sources of divergences between current exchange rate policies in Central and Eastern European countries (CEECs). We use an ordered logit model for the official (de jure) and the actual (de facto) exchange rate classifications. We find that the differences of the exchange rate strategies among CEECs cannot be explained by these classifications. Financial and trade openness are the major determinants of divergences among exchange rate strategies in CEECs. More financially and trade integrated countries switch to more rigid regimes.

Suggested Citation

  • Agnieszka Markiewicz, 2005. "Choice of Exchange Rate Regime in Central and Eastern European Countries: an Empirical Analysis," Working Papers Department of Economics ces0501, KU Leuven, Faculty of Economics and Business, Department of Economics.
  • Handle: RePEc:ete:ceswps:ces0501
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    Cited by:

    1. John Beirne, 2009. "Vulnerability of inflation in the new EU Member States to country-specific and global factors," Economics Bulletin, AccessEcon, vol. 29(2), pages 1420-1431.
    2. Borek Vasicek, 2010. "Monetary Policy Rules and Inflation Processes in Open Emerging Economies," Eastern European Economics, Taylor & Francis Journals, vol. 48(4), pages 36-58, January.
    3. Mehmet Guclu, 2009. "How do Macroeconomic and Political Variables Affect the Flexibility of Exchange Rate Regime?," Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, vol. 9(2), pages 823-835.
    4. Mehmet Güçlü, 2008. "The Determinants of Exchange Rate Regimes in Emerging Market Economies," Papers of the Annual IUE-SUNY Cortland Conference in Economics,in: Proceedings of the Conference on Emerging Economic Issues in a Globalizing World, pages 177-191 Izmir University of Economics.
    5. Boubakri, Salem & Guillaumin, Cyriac, 2011. "Financial integration and currency risk premium in CEECs: Evidence from the ICAPM," Emerging Markets Review, Elsevier, vol. 12(4), pages 460-484.
    6. Bijsterbosch, Martin & Beirne, John, 2009. "Exchange Rate Pass-through in Central and Eastern European Member States," Working Paper Series 1120, European Central Bank.
    7. Sfia Daly, 2007. "The Choice of Exchange Rate Regimes in the MENA Countries: a Probit Analysis," William Davidson Institute Working Papers Series wp899, William Davidson Institute at the University of Michigan.

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