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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. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Foreign exchange rates -- Europe, Central.
Macroeconomics.
Europe, Central -- Economic conditions.
Europe, Central -- Economic policy.
Form Electronic book
Author Kuijs, Louis.
International Monetary Fund. European Department.
ISBN 1281092657
1451890230
9781281092656
9781451890235