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Exchange rate regimes and macroeconomic stability in Central and Eastern Europe
De Grauwe, Paul; Schnabl, Gunther - 2004
This paper explores the impact of the exchange rate regime on inflation and output in the Central and Eastern European … exchange rate stability have a better explanatory power than the de jure measures in the inflation and growth equations. For … the whole observation period the estimations reveal a significant impact of exchange rate stability on low inflation as …
Persistent link: https://www.econbiz.de/10011402440
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De Facto and Official Exchange Rate Regimes in Transition Economies
von Hagen, Jürgen; Zhou, Jizhong - 2002
This paper provides an empirical investigation on the discrepancies between official exchange rate regimes and de facto exchange rate policies in transition economies. Since official and de facto regime choices are not independent of each other, we adopt a bivariate probit model to describe the...
Persistent link: https://www.econbiz.de/10014115338
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A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe
Klyuev, Vladimir - 2021
implication of the model is a nonlinear relationship between the rate of inflation and the choice of regime for the next period … rate regime, followed by a gradual introduction of more flexibility as inflation subsides. A series of regressions on a …
Persistent link: https://www.econbiz.de/10013317853
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De Jure Versus De Facto Exchange Rate Stabilization in Central and Eastern Europe
Schnabl, Gunther - 2003
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...
Persistent link: https://www.econbiz.de/10014074713
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Model-free measurement of exchange market pressure
Klaassen, Franc; Jager, Henk - 2006
If there is exchange market pressure (EMP), monetary authorities can use the interest rate and official interventions to offset this depreciation tendency, or they can let the exchange rate change. We introduce a new approach to derive how these three variables should be combined to measure EMP....
Persistent link: https://www.econbiz.de/10011350376
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Words, deeds, and outcomes : a survey on the growth effects of exchange rate regimes
Harms, Philipp; Kretschmann, Marco - 2007
common specification, and common estimation methods, we argue that the contradictory findings can be explained by the fact …
Persistent link: https://www.econbiz.de/10011397221
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Filters and GARCH Methods for Nonstationary Sequences and the Effect of New Exchange Rate Regime
Lee, Jeo - 2010
After a long period of pegged, crawling or managed rates, Indonesia, Korea and Thailand have switched de jure to floating regimes after the 1997 Asian crisis. We focus on two issues: the volatility of exchange rates and the regime effect. Filters and GARCH type volatility models are applied to...
Persistent link: https://www.econbiz.de/10013139881
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Exchange Rate Misalignments and Crises
Stein, Jerome L.; Paladino, Giovanna - 2021
The problem is to evaluate the likelihood that a country will face a currency or balance of payments crisis over a given horizon. When is it rational for market participants to expect a depreciation of the currency? On the basis of considerable empirical studies we know that in both banking and...
Persistent link: https://www.econbiz.de/10013320946
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The ECB'’s unconventional monetary policy and the role of exchange rate regimes in cross-country spillovers
Jensen, Jakob Roager; Mikkelsen, Jakob Guldbæk; … - 2017
We study the impact of the ECB's large scale asset purchase programme on selected euro area and neighbouring countries. The effects of the programme are assessed by conducting an event study as well as by estimating a structural VAR model using a shadow short rate as a measure of the monetary...
Persistent link: https://www.econbiz.de/10011740711