Exchange Rate Policy and Output Growth in Transition Economies: The Experience of Bulgaria, the Czech Republic, Poland and Slovenia

2001 ◽  
pp. 57-67
Author(s):  
Christos Papazoglou
Keyword(s):  
Exchange Rate ◽  
Czech Republic ◽  
Transition Economies ◽  
Output Growth ◽  
Exchange Rate Policy ◽  
The Czech Republic ◽  
Rate Policy

The persistence of moderate inflation in the czech republic and the czk crisis of may 1997

1999 ◽  
Vol 8 (4) ◽  
Author(s):  
Josef C. Brada ◽  
Ali M. Kutan
Keyword(s):  
Exchange Rate ◽  
Czech Republic ◽  
Exchange Rate Policy ◽  
Nominal Exchange Rate ◽  
Fiscal Policies ◽  
Foreign Reserves ◽  
Macroeconomic Policies ◽  
The Czech Republic ◽  
Speculative Attack ◽  
Rate Policy

The paper deals with the exchange rate policy being implemented in combination with the mix of monetary and fiscal measures prior to the speculative attack on the CZK in 1997. The fixed nominal exchange rate may have been retained for too long and the monetary and fiscal policies were inappropriate. It explains the relation between Czech inflation, exchange rate and macroeconomic policies until the crisis of May 1997. <P>While the Czech Republic weathered its currency crisis much better than did most other emerging economies, with the worst damage being a USD 2 billion loss of foreign reserves, the crisis failed to resolve all of the fundamental problems. It gives also some explanations for the persistence of inflation at a level around 10 % until mid-1998.

Development of foreign trade and balance of payments in the czech republic, hungary and poland

1998 ◽  
Vol 7 (2) ◽  
Author(s):  
Vladimír Tomšík
Keyword(s):  
Exchange Rate ◽  
Czech Republic ◽  
Foreign Trade ◽  
Central Europe ◽  
Exchange Rate Policy ◽  
Balance Of Payments ◽  
The Czech Republic ◽  
Economic Changes ◽  
National Currencies ◽  
Rate Policy

The objective of this paper is to analyse one of the greatest problems in the process of transformation of these three economies in the years 1990-1996 - foreign trade development. Following political changes in the countries of Eastern and Central Europe, economic changes had to be implemented that also implied changes in foreign trade. These crucial changes include abolition of foreign trade monopoly and its liberalisation, introduction of stepwise convertibility of national currencies (for transactions of balance of payments on the current account at first), changes in exchange rate policy, price liberalisation and territorial reorientation of foreign trade. All these changes were reflected in foreign trade development in all three countries compared.

Fear of Free Floating or Forced Exchange Rate Fixing

2004 ◽  
pp. 112-122
Author(s):  
O. Osipova
Keyword(s):  
Exchange Rate ◽  
Financial Crisis ◽  
Exchange Rates ◽  
Inflation Targeting ◽  
Exchange Rate Policy ◽  
Float Exchange Rate ◽  
Floating Exchange Rate ◽  
Rate Policy ◽  
Exchange Rate Arrangements ◽  
Pass Through

After the financial crisis at the end of the 1990 s many countries rejected fixed exchange rate policy. However actually they failed to proceed to announced "independent float" exchange rate arrangement. This might be due to the "fear of floating" or an irreversible result of inflation targeting central bank policy. In the article advantages and drawbacks of fixed and floating exchange rate arrangements are systematized. Features of new returning to exchange rates stabilization and possible risks of such policy for Russia are considered. Special attention is paid to the issue of choice of a "target" currency composite which can minimize external inflation pass-through.

Exchange Rate Regimes and Economic Stability

2010 ◽  
pp. 29-43
Author(s):  
S. Smirnov
Keyword(s):  
Exchange Rate ◽  
Inflation Targeting ◽  
Exchange Rate Regime ◽  
Exchange Rate Policy ◽  
Real Sector ◽  
Economic Stability ◽  
Exogenous Shocks ◽  
Floating Exchange Rate ◽  
Rate Policy ◽  
Managed Floating

The Bank of Russia intends to introduce inflation targeting policy and exchange rate free floating regime in three years. Exogenous shocks absorption which stabilizes the real sector of economy is usually considered to be one of the advantages of free floating exchange rate policy. However, our research based on the analysis of 25 world largest economies exchange rates and industrial production during the crisis of 2008-2009 does not confirm this hypothesis. The article also analyzes additional risks associated with free floating exchange rate regime in Russia and presents some arguments in favor of managed floating exchange rate regime.

On the Exchange Rate Policy

2010 ◽  
pp. 21-28
Author(s):  
K. Yudaeva
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Inflation Targeting ◽  
Exchange Rate Policy ◽  
Institutional Changes ◽  
Crisis Period ◽  
Local Currency ◽  
High Inflation ◽  
Rate Policy ◽  
The Exchange Rate

The level of trust in the local currency in Russia is very low largely because of relatively high inflation. As a result, Bank of Russia during crisis times can not afford monetary policy loosening and has to fight devaluation expectations. To change the situation in the post-crisis period Russia needs to live through a continuous period of low inflation. Modified inflation targeting can help achieve such a result. However, it should be amended with institutional changes, particularly development of hedging instruments.

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