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Interwencje walutowe w ERM II

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Konarski M., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
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2012
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vol. 264
EN
Stabilizing exchange rates against euro before accession to EMU and implementation euro as an official currency is one of the Maastricht criteria. That is why the role of foreign exchange interventions will be so important. This paper offers the brief guidance on the operational aspect of foreign exchange interventions, describes and classifies the types of interventions. The paper examines effectiveness of a interventions and analyzes tactics of interventions by the countries whose currencies were or are currently in the ERM II. The conclusion answers the question how should countries deal with implementing the euro to not disturb financial markets and raise the development of economy.
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Motywy interwencji walutowych jako instrumentu polityki walutowej władz monetarnych

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Konarski M., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
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2008
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vol. 221
EN
Central banks are using foreign exchange interventions as a special tool for extraordinary situations on FX market to achieve specified goals of monetary policy. This paper focuses on description and definition of foreign exchange intervention, methods of interventions with an emphasis on the goals of interventions under different currency regimes. Monetary authorities are intervening on foreign exchange market to achieve a variety of macroeconomic objectives like controlling inflation, maintaining competitiveness but mostly when changes of the domestic currency can be danger for stability of economy or danger for financial stability. Specific motives for intervention are like to change with the level of economic development and changes of currency regimes. Foreign exchange interventions are effective in short-run but they are not independent tool. Their effectiveness depends also on coordination of currency policy and macroeconomic policy. Foreign exchange interventions should be supported by other monetary regulations to influence exchange rate, dampen exchange rate volatility or supply liquidity to foreign exchange markets.
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Efektywność interwencji walutowych na przykładzie Czech, Węgier i Polski

100%
Konarski M., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
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2007
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vol. 209
EN
This paper examines effectiveness of exchange rate interventions carried by Czech, Hungary and Poland. The paper analyzes tactics of interventions and monetary policies carried by central banks during the interventions. I examine ex post influence of interventions on managing exchange rate and exchange rate volatility. Czech, Hungary and Poland are to join ERM II to stabilize exchange rates before accession to EMU. That is why interventions will be so important to meet Maastricht criteria.
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