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Central Bank Losses and Economic Convergence
Cincibuch, Martin; Holub, Tomáš; Hurník, Jaromír - In: Czech Journal of Economics and Finance (Finance a uver) 59 (2009) 3, pp. 190-215
This paper discusses central bank losses and develops a formal framework for assessing the sustainability of its balance sheet. Analyzing the consequences of economic convergence in depth, it emphasizes the role played by the risk premium and equilibrium real exchange rate appreciation. A...
Persistent link: https://www.econbiz.de/10004969843
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Real appreciation and output: Russia 1993—1997
Oksana, Dynnikova - EERC Research Network, Russia and CIS - 2000
The paper shows that, in 1993-1997, larger month-to-month real appreciation in Russia was associated with larger month-to-month increase in the aggregate supply, supposedly because of a decrease in the prices of imported production inputs. At the same time, according to our estimations,...
Persistent link: https://www.econbiz.de/10005519043
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Beyond Balassa - Samuelson: Real Appreciation in Tradables in Transition Countries
Cincibuch, Martin; Podpiera, Jiri - Česká Národní Banka - 2004
Using the simple arbitrage model, we decompose real appreciation in tradables in three Central European countries between the pricing-to-market component (disparity) and the local relative price component (substitution ratio). Appreciation is only partially explained by local relative prices....
Persistent link: https://www.econbiz.de/10005181143
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Central Bank Losses and Economic Convergence
Cincibuch, Martin; Holub, Tomas; Hurnik, Jaromir - Česká Národní Banka - 2008
This paper discusses the issue of central bank losses, developing a framework for assessing the ability of a central bank to keep its balance sheet sustainable without having to default on its policy objectives. Compared to the earlier literature, it analyses in more depth the consequences of...
Persistent link: https://www.econbiz.de/10005405574
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Exchange Rate Variability and Foreign Direct Investment - Consequences of EMU Enlargement
Brzozowski, Michal - CASE-Center for Social and Economic Research - 2003
locate investment in transition and accession countries. Nominal exchange rate uncertainty seems to particularly hamper FDI …
Persistent link: https://www.econbiz.de/10008632999
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Gaining credibility and enhancing economic growth through regional integration: The case for EU membership of Eastern Europe
Piazolo, Daniel - Institut für Weltwirtschaft (IfW) - 1997
countries (CEECs) can potentially enhance the credibility of their governments' policies through institutional integration with … the EU. The paper discusses the credibility problems faced by the CEECs and shows how EU membership will enhance the … institutional setting and the governments' credibility. Based on regression results between an indicator of institutional change and …
Persistent link: https://www.econbiz.de/10009276477
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The Credibility of the Hungarian Exchange Rate Regime 1997-98
Szeidl, Adam - C.E.P.R. Discussion Papers - 2003
This study intends to analyse the credibility of the Hungarian exchange rate regime preceding and during the Russian … in turn yield conclusions concerning the credibility and vulnerability of the regimes. Policy implications also follow. …
Persistent link: https://www.econbiz.de/10005067588
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Financial liberalization and the financial Euroization
Jovanovski, Kiril; Naumovska, Elena; Gockov, Gjorgji - In: Economic development : journal of the Institute of … 17 (2015) 1/2, pp. 289-305
Persistent link: https://www.econbiz.de/10011341272
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Property rights and economic freedom: an econometric analysis
Van, Germinal G. - 2020
The purpose of this paper is to establish a positive correlation between property rights and economic freedom. It seeks to demonstrate that property rights lead to economic freedom. From a purely theoretical perspective, it has been assumed that greater access to property rights leads to...
Persistent link: https://www.econbiz.de/10012437721
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Exchange rate in transition
Kocenda, Evzen - Volkswirtschaftliche Fakultät, … - 1998
In this book several econometrics techniques are used to perform quantitative research of the exchange rate in … transition. This is an empirical work based on related economic theory. While the stress is put on the exchange rate of the Czech … koruna, the subject is analyzed from a broader perspective of other transition countries as well. …
Persistent link: https://www.econbiz.de/10009151616