Arbeitspapier

Integrated Monetary and Exchange Rate Frameworks

Here the author empirically estimates if the different monetary and exchange rate frameworks observed in the Accession Countries of Central and Eastern Europe and the Baltics do yield different outcomes in terms of level and variance of a set of nominal and real variables. The author follows and extends the methodology developed by Kuttner and Posen (2001), who perform a combined analysis of the individual effects of exchange rate regimes, central bank independence and announced targets in nominal variables, for a large set of developed and developing countries, and estimate that a setup that combines a free float, an independent monetary authority and inflation targeting yields an outcome that mimics the price stabilization advantages of a hard peg without its drawbacks in terms of extreme volatility. This sample of countries, not covered by the Kuttner and Posen study, supports their conclusions, for both nominal and real variables, testing for both the individual and combined effects of the frameworks, indicating that a flexible exchange rate regime, coupled with a independent monetary authority and inflation targeting, would be Pareto-improving when compared to harder regimes.

Sprache
Englisch

Erschienen in
Series: Tinbergen Institute Discussion Paper ; No. 02-054/2

Klassifikation
Wirtschaft
Thema
monetary authority independence
inflation targeting
exchange rate regimes
EU enlargement.
Geldpolitik
Währungssystem
Wechselkurssystem
Vergleich
Osteuropa
Makroökonomischer Einfluss

Ereignis
Geistige Schöpfung
(wer)
de Souza, Lúcio Vinhas
Ereignis
Veröffentlichung
(wer)
Tinbergen Institute
(wo)
Amsterdam and Rotterdam
(wann)
2002

Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • de Souza, Lúcio Vinhas
  • Tinbergen Institute

Entstanden

  • 2002

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