Exchange-rate System between the Czech and Slovak Republics
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.
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Department of Economics, Working Paper Series
qt6ks1k831, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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