PL EN


2014 | 187 | 262-272
Article title

Saldo obrotów bieżących i mechanizm kursu walutowego w krajach Europy Środkowej i Wschodniej w latach 2008-2012

Authors
Content
Title variants
EN
Current Account and Exchange Rate Mechanism in CEE Countries
Languages of publication
PL
Abstracts
EN
This paper analyzes the relation between exchange rate mechanism and current account balance adjustment in the Central and Eastern European EU Member States. Exchange rates in the Central and Eastern European EU Member States differ considerably, from completely fixed exchange rate arrangements to pure floaters. During crises floater's countries experience drop in nominal and (in less extend) real effective exchange rate but very moderate adjustment in terms of current balance. Hard peg countries, following the strong increase in the internal and external imbalances in the period up until 2008, are now experiencing a very rapid economic adjustment period via through recessions.
Year
Volume
187
Pages
262-272
Physical description
Contributors
References
  • Annual Report on Exchange Arrangements and Exchange Restrictions 2012, International Monetary Fund.
  • Borowski J.: Integracja monetarna. Wyzwania dla Polski. PWE, Warszawa 2011.
  • Chinn M., Wei S.: A Faith-Based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment? NBER Working Paper Series 14420, October 2008.
  • Gervais O., Schembri L., Suchanek L.: External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market Economies. Bank of Canada Discussion Paper 2011-5, June 2011.
  • de Grauwe P.: Economics of Monetary Union. Oxford University Press, New York 2009.
  • Ghosh A., Qureshi M., Tsangarides C.: Is the Exchange rate Regime Really Irrelevant for external adjustment? "Economics Letters" 2013, Vol. 118.
  • Herrmann S.: Do we Really Know that Flexible Exchange Rates Facilitate Current Account Adjustment? Some New Empirical Evidence for CEE Countries. Discussion Paper Series 1: "Economic Studies" 2009, No. 22.
  • Montiel P.: Makroekonomia międzynarodowa. Wolters Kluwer, Warszawa 2012.
  • Najlepszy E., Sobański K.: Niestabilność równowagi zewnętrznej krajów rozwijających się. PWE, Warszawa 2010.
  • Raport na temat Pełnego uczestnictwa Rzeczypospolitej Polskiej w trzecim etapie Unii Gospodarczej i Walutowej. NBP, Warszawa 2009.
  • Sławiński A.: Ryzyko utraty kontroli nad wysokością stopy procentowej w systemie izby walutowej. "Ekonomista" 2007, nr 2.
Document Type
Publication order reference
Identifiers
ISSN
2083-8611
YADDA identifier
bwmeta1.element.desklight-b54ab690-246e-4767-a619-a6432ebb7167
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