De facto exchange-rate regimes in Central and Eastern European Countries
This paper attempts to identify implicit exchange rate regimes for currencies of new European Union (EU) countries vis-à-vis the euro. To that end, we apply three sequential procedures that consider the dynamics of exchange rates to data covering the period from 1999:01 to 2012:12. Our results would...
| Autores: | , |
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| Tipo de recurso: | informe técnico |
| Fecha de publicación: | 2015 |
| País: | España |
| Institución: | Universidad Complutense de Madrid (UCM) |
| Repositorio: | Docta Complutense |
| Idioma: | inglés |
| OAI Identifier: | oai:docta.ucm.es:20.500.14352/41671 |
| Acceso en línea: | https://hdl.handle.net/20.500.14352/41671 |
| Access Level: | acceso abierto |
| Palabra clave: | F31 F33 Exchange-rate regimes Implicit fluctuation bands Exchange rates Comercio Economía internacional 5304.03 Comercio exterior 5310 Economía Internacional |
| Sumario: | This paper attempts to identify implicit exchange rate regimes for currencies of new European Union (EU) countries vis-à-vis the euro. To that end, we apply three sequential procedures that consider the dynamics of exchange rates to data covering the period from 1999:01 to 2012:12. Our results would suggest that implicit bands have existed in many sub-periods for almost all currencies under study. This paper provides new empirical evidence that strengthens the hypothesis of that the implemented policies differ from those announced by the monetary authorities, identifying the existence of de facto fixed monetary systems along large number of sub-periods for different currencies. |
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