Publication: De facto exchange-rate regimes in Central and Eastern European Countries
Loading...
Official URL
Full text at PDC
Publication Date
2015
Advisors (or tutors)
Editors
Journal Title
Journal ISSN
Volume Title
Publisher
Instituto Complutense de Estudios Internacionales
Citations
Exportar
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.
Description
UCM subjects
Unesco subjects
Keywords
Citation
Coudert, V. and Dubert, M. (2005) Does exchange rate regime explain differences in economic results for Asian countries?, Journal of Asian Economics, Elsevier, 16, 874-895.
Frankel, J. A. (1999) No single currency regime is right for all countries or at all times, Working Paper No. 7338, National Bureau of Economic Research, Cambridge, MA.
Ledesma-Rodríguez, F., Navarro-Ibáñez, M., Pérez-Rodríguez, J. y Sosvilla-Rivero, S. (2000) On the credibility of the Irish pound in the EMS, The Economic and Social Review, 31, 151-172.
Ledesma-Rodríguez, F., Navarro-Ibáñez, M., Pérez-Rodríguez, J. y Sosvilla-Rivero, S. (2005a) Assessing the credibility of a target zone: evidence from the EMS, Applied Economics, 37, 2265- 2287.
Ledesma-Rodríguez, F., Navarro-Ibáñez, M., Pérez-Rodríguez, J. y Sosvilla-Rivero, S. (2005b) Regímenes cambiarios de facto y de iure. Una aplicación al tipo de cambio yen/dólar, Moneda y Crédito, 221, 37-68.
Levy-Yeyati, E. y Sturzenegger, F. (2005) Classifying exchange rate regimes: deeds vs. words, European Economic Review, 49, 1603-1635.
Reinhart, C. M. y Rogoff, K. S. (2004) The modern history of exchange rate arrangements: a reinterpretation, Quarterly Journal of Economics, 119, 1-48.
Shambaugh, J. C. (2004) The effect of fixed exchange rates on monetary policy, The Quarterly Journal of Economics, 119, 300-351.