Paper attempts to develop a model suitable for an analysis of the real exchange rate determination in transition economies. The main distinction from other approaches to the real exchange rate determination is an introduction of the pre-transition period which enables one to separately examine...

This paper examines how various approaches to monetary policy in Poland, Hungary and the Czech Republic during the period 1995-1999 influence the trend and the stability of real exchange rates. It argues that, in contrast to the Polish and the Czech systems, the Hungarian commitment to exchange...