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Author Borghijs, Alain.

Title Exchange rates in Central Europe : a blessing or a curse? / prepared by Alain Borghijs and Louis Kuijs
Published Washington, D.C. : International Monetary Fund, European Dept., 2004
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Description 1 online resource (28 pages) : illustrations
Series IMF working paper ; WP/04/2
IMF working paper ; WP/04/2
Summary Central European accession countries (CECs) are currently considering when to adopt the euro. From the perspective of macroeconomic stabilization, the cost or benefit of giving up a flexible exchange rate depends on the types of asymmetric shocks hitting the economy and the ability of the exchange rate to act as a shock absorber. Economic theory suggests that flexible exchange rates are useful in absorbing asymmetric real shocks but unhelpful in the case of monetary and financial shocks. For five CECs-the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia-empirical results on the basis of a structural VAR suggest that in the CECs the exchange rate appears to have served as much or more as an unhelpful propagator of monetary and financial shocks than as a useful absorber of real shocks
Bibliography Includes bibliographical references (pages 16-17)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Foreign exchange rates -- Europe, Central.
Europe, Central -- Economic conditions.
Europe, Central -- Economic policy.
Form Electronic book
Author Kuijs, Louis.
International Monetary Fund. European Department.
ISBN 1281092657