Monetary Policy Conduct in Seven CESEE Countries on Their Road to the Euro

Marjan Petreski ()

Comparative Economic Studies, 2013, vol. 55, issue 1, 41 pages

Abstract: The objective of the paper is to examine whether monetary policy responses to inflation, output gap and exchange rate changed in seven countries of Central and South Eastern Europe between 1991 and 2010. Results suggest that monetary policy has been governed by: (i) three regimes in the Czech Republic and Poland – the initial pegging, the eclectic approach and inflation targeting; (ii) two similar regimes in Hungary – the approach with dual anchor; (iii) one main regime in the Baltics – the full subordination of monetary policy to the anchor currency; and (iv) one regime in Croatia – the orientation at maintaining stable exchange rate due to the banking system exposure to currency risk.

Date: 2013
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