The Real Exchange Rate in Transition Economies
Author | : Clemens Grafe |
Publisher | : |
Total Pages | : 34 |
Release | : 1997 |
Genre | : Economics |
ISBN | : 9780753012222 |
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Author | : Clemens Grafe |
Publisher | : |
Total Pages | : 34 |
Release | : 1997 |
Genre | : Economics |
ISBN | : 9780753012222 |
Author | : Lionel Halpern |
Publisher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 1996-11-01 |
Genre | : Business & Economics |
ISBN | : 145185479X |
A stylized fact of the transition process is an early profound exchange rate depreciation followed by continuing real appreciation. Absent historical reference points, it is difficult to judge whether the real appreciation is threatening competitiveness. This paper interprets the stylized facts and offers estimates of the equilibrium real exchange rate based on an international comparison of dollar wages and on a study of the dynamics of real exchange rates in several transition economies. The results suggest that the process of real appreciation is a combination of a return to equilibrium following the early overshooting and equilibrium appreciation.
Author | : Mario I. Blejer |
Publisher | : Springer Science & Business Media |
Total Pages | : 501 |
Release | : 2007-08-23 |
Genre | : Business & Economics |
ISBN | : 0585313466 |
Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy. An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.
Author | : Mark de Broeck |
Publisher | : |
Total Pages | : 40 |
Release | : 2001 |
Genre | : Foreign exchange rates |
ISBN | : |
Author | : Fabrizio Coricelli |
Publisher | : |
Total Pages | : 52 |
Release | : 2001 |
Genre | : Foreign exchange rates |
ISBN | : |
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2000-04-01 |
Genre | : Business & Economics |
ISBN | : 1451974116 |
Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.
Author | : Mr.Richard C. Bart |
Publisher | : International Monetary Fund |
Total Pages | : 316 |
Release | : 1994-06-01 |
Genre | : Business & Economics |
ISBN | : 9781557753649 |
External sector policies and exchange rate policy are central to a country's economic performance and to the IMF's surveillance functions. The papers in this book, edited by Richard Barth and Chorng-Huey Wong, were presented at a seminar on Exchange Rate Policy in Developing and Transition Economies held by the IMF Institute. They analyze choices of exchange rate regimes, issues affecting management of exchange regimes, and specific types of regimes, including case studies from the former Soviet Union, Africa, Asia, and Latin America.
Author | : Christos Papazoglou |
Publisher | : Springer |
Total Pages | : 210 |
Release | : 2001-05-15 |
Genre | : Business & Economics |
ISBN | : 0230554539 |
This book, based upon a large-scale research project, examines alternative types of exchange rate policies being pursued and the changing nature of exchange rate policy during the transition process in four countries, Slovenia, Bulgaria, Poland and the Czech Republic. The book brings together a series of original contributions by country experts and draws out some common themes and over-arching policy implications for the operation of exchange rate policy in the transition process.
Author | : International Monetary Fund |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 0 |
Release | : 2001-05-01 |
Genre | : Business & Economics |
ISBN | : 9781451847703 |
Several transition countries have experienced strong real exchange rate appreciations. This paper tests the hypothesis that these appreciations reflect underlying productivity gains in the tradable sector. Using panel data over the period 1993-98, the results show clear evidence of productivity-driven exchange rate movements in the central and eastern European and Baltic countries. Transition countries, particularly the EU accession countries that have begun to catch up, can expect to experience further productivity-driven real exchange rate appreciations. Evidence from a large cross-section of non-transition countries indicates that catching up by one percent will be associated with a 0.4 percent real appreciation.