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Exchange-rate System between the Czech and Slovak Republics


  • Katerina Smidkova

    (Czech National Bank)


In 1992, the political dissolution of Czechoslovakia highlighted the problem of designing monetary disintegration for two interdependent republics. In this study, the exchange-rate system of the two newly established currencies that was an analogy to the currency union was described. The newly gained potential of independence in monetary and exchange-rate policies was analyzed in this context. The study assessed costs and benefits of the gradual approach to monetary disintegration that was applied in the Czech-Slovak case. The analysis suggested that the careful design with two intermediate stages was superior to a longer maintaining of a common currency or a sudden monetary disintegration.

Suggested Citation

  • Katerina Smidkova, 2003. "Exchange-rate System between the Czech and Slovak Republics," Macroeconomics 0304004, EconWPA.
  • Handle: RePEc:wpa:wuwpma:0304004 Note: Type of Document - ; pages: 20 . IE CNB Working paper 1994/16

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    References listed on IDEAS

    1. Bofinger, Peter, 1990. "A Multilateral Payments Union for Eastern Europe?," CEPR Discussion Papers 458, C.E.P.R. Discussion Papers.
    2. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-340, June.
    3. Eichengreen, Barry, 1990. "One Money for Europe? Lessons from the US Currency Union," Department of Economics, Working Paper Series qt6ks1k831, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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    Cited by:

    1. Fidrmuc, J. & Horváth, J., 1998. "Stability of Monetary Unions : Lessons from the Break-Up of Czechoslovakia," Discussion Paper 1998-74, Tilburg University, Center for Economic Research.
    2. Benjamin Born & Teresa Buchen & Kai Carstensen & Christian Grimme & Michael Kleemann & Klaus Wohlrabe & Timo Wollmershäuser, 2012. "Austritt Griechenlands aus der Europäischen Währungsunion: Historische Erfahrungen, makroökonomische Konsequenzen und organisatorische Umsetzung," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 65(10), pages 09-37, May.

    More about this item


    Currency Union Czech Slovak Dissolution;

    JEL classification:

    • E - Macroeconomics and Monetary Economics

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