De facto exchange-rate regimes in Central and Eastern European Countries

Simon Sosvilla-Rivero and Maria del Carmen Ramos Herrera ()

No 1502, Working Papers del Instituto Complutense de Estudios Internacionales from Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales

Abstract: This paper attempts to identify implicit exchange rate regimes for currencies of new European Union (EU) countries vis-à-vis the euro. To that end, we apply three sequential procedures that consider the dynamics of exchange rates to data covering the period from 1999:01 to 2012:12. Our results would suggest that implicit bands have existed in many sub-periods for almost all currencies under study. This paper provides new empirical evidence that strengthens the hypothesis of that the implemented policies differ from those announced by the monetary authorities, identifying the existence of de facto fixed monetary systems along large number of sub-periods for different currencies.

Keywords: Exchange-rate regimes; Implicit fluctuation bands; Exchange rates. (search for similar items in EconPapers)
Pages: 38 pages
Date: 2015
New Economics Papers: this item is included in nep-cba, nep-eec, nep-mon and nep-opm
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Persistent link: https://EconPapers.repec.org/RePEc:ucm:wpaper:1502

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