The Role of Exchange-Rate Regimes for Achieving Sustainable Growth in Central and Eastern Europe

Elena Spasova

Ikonomiceski i Sotsialni Alternativi, 2016, issue 1, 24-40

Abstract: The subject of this study is the relationship between the exchange rate regimes operating in 14 economies of Central and Eastern Europe and the pace of their economic growth in the 2002-2014 period. In order to study the presence and the direction of this relationship, a brief de­scriptive analysis is made in the context of the impact of the exchange rate regime on the mac­roeconomic conditions in these countries, includ­ing through the prism of the impossible trinity concept of Mundell and Fleming. The analysis proves the presence of greater volatility and in­stability of economic growth in terms of fixity of the exchange rate. The negative effect of the fixed exchange-rate regimes over the pace of growth is confirmed by an econometric analysis on the economic growth in these countries

Keywords: exchange-rate regimes; economic growth; sustainability (search for similar items in EconPapers)
JEL-codes: E42 F41 F43 O47 (search for similar items in EconPapers)
Date: 2016
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