The IMF classifications of the Central and Eastern European (CEE) exchange rate arrange-ments are heterogeneous. While one group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate flexibility. Based on the recent dis- cussion about the...

Objectives: The objectives of this empirical study are: firstly, to modify and extend the 'signals approach', developed by Kaminsky/Lizondo/Reinhart (1997) as an early warning system for currency crises, secondly, to apply it to transition economies in Central and Eastern Europe, and, thirdly,...

This paper explores the conflict of real and monetary convergence during the EMU run-up of the Central and Eastern European new EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it finds a high probability of higher inflation in the new member states. It...

The IMF classifications of the Central and Eastern European exchange rate arrangements are heterogeneous. While one group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate flexibility. Based on the recent discussion about the accuracy of...