Exchange Rate Regimes in Selected Advanced Transition Economies: Coping with Transition, Capital Inflows, and EU Accession

International Monetary Fund

No 2000/003, IMF Policy Discussion Papers from International Monetary Fund

Abstract: 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.

Keywords: PDP; exchange rate regime; regime choice; rate of exchange rate crawl; managed float; EU accession; Exchange regime; Policy issue; transition; exchange rate volatility; Exchange rates; Exchange rate arrangements; Exchange rate flexibility; Exchange rate policy; Inflation; Global; Western Europe; Eastern Europe (search for similar items in EconPapers)
Pages: 26
Date: 2000-04-01
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Citations: View citations in EconPapers (35)

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