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Exchange Rate Regimes in Selected Advanced Transition Economies: Coping with Transition, Capital Inflows, and EU Accession
Author:
International Monetary Fund
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Series:
IMF Policy Discussion Papers
Volume/Issue:
Volume 2000: Issue 003
Language:
English
Publication Date:
01 Apr 2000
DOI:
https://doi.org/10.5089/9781451974119.003
ISBN:
9781451974119
ISSN:
1564-5193
Pages:
26
Keywords:
PDP; exchange rate regime; regime choice; rate of exchange rate crawl; managed float; EU accession; Exchange regime; Policy issue; transition; exchange rate volatility; Exchange rates; Exchange rate arrangements; Exchange rate flexibility; Exchange rate policy; Inflation; Global; Western Europe; Eastern Europe
Legal-disclaimer:
This Policy Discussion Paper should not be reported as representing the views of the IMF. The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Policy Discussion Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.
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Cover IMF Policy Discussion Papers
IMF Policy Discussion Papers
ISSN:
1564-5193
Publisher:
International Monetary Fund