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Exchange Rate Regimes and Poland's Participation in ERM II

  • Jakub Borowski

    (National Bank of Poland)

  • Michal Brzoza- Brzezina

    (National Bank of Poland, Warsaw School of Economics)

  • Piotr Szpunar

    (National Bank of Poland)

In this paper we address some of the issues resulting from Poland's will to join the Economic and Monetary Union. Our attention focuses on topics related to the possibly soon entry into the European exchange rate mechanism (ERM II). We consider the possible paths of entering the system, providing a detailed analysis of the choice of fluctuation margins and the central parity. Further, we analyze the possible monetary policy strategies within the system. We describe the benefits and drawbacks of ERM II participation and consider the eventuality of parity revaluation. In this part estimates of the Balassa-Samuelson effect for Poland are provided.

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File URL: http://128.118.178.162/eps/mac/papers/0302/0302002.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0302002.

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Date of creation: 04 Feb 2003
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Handle: RePEc:wpa:wuwpma:0302002
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  1. Virginie Coudert & Cécile Couharde, 2003. "Exchange Rate Regimes and Sustainable Parities for ceecs in the Run-up to emu Membership," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 983-1012.
  2. Michal Brzoza-Brzezina, 2003. "Estimating the Natural Rate of Interest: A SVAR Approach," Macroeconomics 0301008, EconWPA.
  3. Michał Brzoza-Brzezina, 2002. "The Relationship between Real Interest Rates and Inflation," National Bank of Poland Working Papers 23, National Bank of Poland, Economic Institute.
  4. Egert, Balazs, 2002. "Estimating the impact of the Balassa-Samuelson effect on inflation and the real exchange rate during the transition," Economic Systems, Elsevier, vol. 26(1), pages 1-16, April.
  5. Matthew B. Canzoneri & Robert E. Cumby & Behzad Diba, 1996. "Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries," NBER Working Papers 5676, National Bureau of Economic Research, Inc.
  6. Balázs Égert & Imed Drine & Kirsten Lommatzsch & Christophe Rault, 2002. "The Balassa-Samuelson effect in Central and Eastern Europe: Myth or reality?," William Davidson Institute Working Papers Series 483, William Davidson Institute at the University of Michigan.
  7. Laszlo Halpern & Charles Wyplosz, 2001. "Economic Transformation and Real Exchange Rates in the 2000s: The Balassa-Samuelson Connection," ECE Discussion Papers Series 2001_1, UNECE.
  8. Anne-Marie Brook & David Hargreaves, 2001. "PPP-based analysis of New Zealand's equilibrium exchange rate," Reserve Bank of New Zealand Discussion Paper Series DP2001/01, Reserve Bank of New Zealand.
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