This study proposes a sequence of monetary convergence to the eurozone, based on autonomous monetary policy rather than on an early application of the euro-peg. The gradual adjustment process begins with a relatively strict variant of inflation targeting, followed by flexible inflation...

"This exceptionally strong collection is the best single book yet to appear on the reform process in the postsocialist economies. Although it will primarily interest economists, it is also accessible to students of political science." - P. Rutland, Choice Transition and Growth in Post-Communist...

This paper examines the relationship between exchange-rate and monetary policies in transition economies (TEs) bent on entering the European Union (EU) and eventually acceding to the EU's monetary union. After detailing the present exchange-rate systems and monetary regimes in the central...

This paper examines the magnitude of direct transfers between the former Soviet Union central budget and individual republics. It shows that Kazakhstan and Central Asian republics were primary recipients of large net transfers of funds from the Soviet central budget amounting in some cases to...

This study places a strong emphasis on the ability of Central European countries to lower inflation and exchange rate risk premiums on their path of monetary convergence to the eurozone. A model of the nexus between both risk premiums is presented along with the recent evidence supporting...

This study examines feasibility of adopting money growth rules as indicator variables of monetary policies for the countries converging to a common currency system, in particular, to the euro. The analytical framework assumes inflation target as the ultimate policy goal. The converging countries...

A flexible approach to direct inflation targeting offers the European Union accession countries a viable monetary policy choice that is believed to facilitate both the economic transition and the monetary convergence to the eurozone. Following this assumption, a model investigating the nexus...

This study examines the impact of various monetary policy regimes on the ability to lower inflation and exchange rate risk premiums in the EU accession countries as they undergo monetary convergence to the eurozone. It proposes a monetary policy framework of flexible targeting of relative...

We argue that the interactions between exchange rates and equity returns are asymmetric, state-dependent on different VIX zones, and most pronounced during high VIX periods. Responsiveness of equity returns to the exchange rate is indiscernible when VIX is low. We examine co-movements between...