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| Author: | Hagen, J. von Zhou, J. |
| Title: | The choice of exchange rate regime |
| Journal: | Economics of transition
2005 : VOL. 13:4, p. 679-703 |
| Index terms: | CIS Europe exchange rates transition economies |
| Language: | eng |
| Abstract: | This paper discusses the choice of exchange regimes of the 25 transition economies in Europe and the CIS after 1990. It is shown that the traditional Optimum Currency Area considerations provide relevant guidance for the regime choices in theses countries. In addition, regime choices are influenced by inflation rates, cumulative inflation differentials, and international reserves sufficiency. Large government deficits have ambiguous effects; they increase the likelihood of moving from flexible to intermediate regimes as well as that of moving from fixed to intermediate ones. |
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