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Monetary Determinants of Deposit Euroization in European Post-Transition Countries

Marina Tkalec ()

Panoeconomicus, 2013, vol. 60, issue 1, 89-101

Abstract: This paper investigates the long-run and short-run relationship between deposit euroization in twelve European post-transition economies and two determinants of deposit euroization that are under the influence of monetary policy: the exchange rate and the interest rate differential. The link between deposit euroization, exchange rates and interest rate differentials is investigated using Johansen cointegration and error correction models for each country separately. The results suggest that changes in both monetary drivers have significant effects on deposit euroization and are therefore important for explaining and fighting deposit euroization. Differences between exchange rate regimes, fixed and managed vs. floating, seem to matter for deposit euroization.

Keywords: Cointegration; Deposit euroization; Transition (search for similar items in EconPapers)
JEL-codes: C32 E44 E58 F31 F41 (search for similar items in EconPapers)
Date: 2013
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