Hungary and Poland for during the 1990:01-1998:02 period. We decompose the exchange rate movements into those attributable to … real and nominal shocks, we find that (1) nominal shocks have played a significant role in Poland, but not in Hungary, in … in Hungary and (2) nominal shocks explain almost all of nominal exchange rate movements in Poland and a sizable portion …

, Hungary and Poland at the end of 1998. We argue that the institutions for the conduct of monetary policy in these countries … the Czech Republic, Hungary and Poland was largely due to the decline in import prices in the second half of 1998, and …