The Polish Zloty, 1990–1999: Success and Underperformance

Domenico Mario Nuti ()
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Domenico Mario Nuti: University of Rome

Chapter 17 in Collected Works of Domenico Mario Nuti, Volume I, 2023, pp 403-414 from Palgrave Macmillan

Abstract: Abstract Exchange-rate regimes in transition economies over the last decade have spanned the entire spectrum of possibilities, going from freely floating to permanently fixed (currency boards, DM-ization) through managed floats, preannounced crawling rates, and bands with or without intermittent adjustments. Such extreme diversity is due to differences in available foreign reserves and in initial macroeconomic imbalances (especially the presence of a monetary overhang in some transition economies) and to differences in government preferences between inflation and unemployment. Performance of alternative exchange-rate regimes is difficult to assess, (i) because performance can be mixed, (ii) because all exchange regimes if sustained have a tendency to validate themselves via their impact on inflation, and above all, (iii) because performance depends on the entire package of public policy instruments (fiscal, monetary, and structural) and on exogenous factors, as well as the exchange-rate regime itself.

Date: 2023
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DOI: 10.1007/978-3-031-12334-4_17

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