Warianty tytułu
Exchange rate regime as one of the factors facilitating Lithuania's accession to the Economic and Monetary Union
Języki publikacji
Abstrakty
Litwa jest członkiem Europejskiego Mechanizmu Kursowego II, znajduje się na ścieżce szybkiego wzrostu gospodarczego. Prawdopodobnie niebawem, jako jeden z pierwszych krajów Europy Środkowo-Wschodniej, przyjmie wspólną walutę euro. W artykule omówiono etapy reformy walutowej na Litwie, istotę currency board (znanego w Polsce jako system izby walutowej lub system zarządu walutą), teoretyczne aspekty wyboru izby walutowej, wybór izby walutowej na Litwie, a także sytuację gospodarczą na Litwie po 10 latach stosowania izby walutowej.
The article presents Lithuania's road to the membership in the European Exchange Rate Mechanism II. It focuses on the evolution of the exchange rate system in Lithuania and its impact on the macroeconomic situation. The chronology of changes in the Lithuanian exchange rate system shows that despite doubts as to the justified application of the currency board, the solution turned out to be effective in gaining ERM II membership. The article also outlines theoretical premises for the selection of a fixed exchange rate regime in the form of a currency board. Even such a short overview of the most important determinants of this exchange rate regime shows that Lithuania has made the right decision. The stability of the Lithuanian lit was not threatened even by the transition of reserve currency from dollar to euro in 2002. Appropriate activities of monetary authorities helped avoid any pressures that could have occurred on the financial market for fear of the lit devaluation. It seems that Lithuania's ten years of experience in the use of the currency board will entail lit's secure membership in ERM II. Simultaneously, the currency board will contribute to meeting one of the Maastricht criteria and will enable Lithuania to become member of the euro zone. (original abstract)
Twórcy
autor
Bibliografia
- 1. F. Caramazza, J. Aziz: Fixed or Flexible? Getting the Exchange Rate Right in the 1990s. Economic Issues 13, IMF 1998, za: S. Rammi: Has the Currency Board Arrangement Contributed to the Macroeconomic Stabilization in Estonia? Lund Macroeconomic Studies, January 2000.
- 2. R. Beamont Corker, C. Elkan, D.R. Iakova: Exchange Rate Regimes in Selected Advanced Transition Economies - Coping with Transition, Capital Inflows and EU Accession. IMF Policy Discussion Paper 2000.
- 3. A. Gosh, M.A. Guide, H.C. Wolf: Currency Boards: The Ultimate Fix? IMF Working Paper, January 1998.
- 4. E.L. Feige: The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countries. Fall 2003, http: //econwpa.wustl.edu
- 5. Fleming, L. Chu, M. R. Bakker: The Baltics - Banking Crises Observed. Policy Research Working Paper 1647, 1996.
- 6. J.A. Frenkel, M. Goldstein, P.R. Masson: Characteristics of a Successful Exchange Rate System, Occasional Paper 82, IMF 1991, za: S. Rammi: Has the Currency Board Arrangement Contributed to the Macroeconomic Stabilization in Estonia? Lund Macroeconomic Studies, January 2000.
- 7. S.H. Hanke: Currency Board. ANNALS, AAPSS, 579, 2002.
- 8. P. Isard: Exchange Rate Economics, Cambridge Survey of Economic Literature. Cambridge University Press, 1995 za: S. Rammi: Has the Currency Board Arrangement Contributed to the Macroeconomic Stabilization in Estonia? Lund Macroeconomic Studies, January 2000.
- 9. I. Karhonen: Currency Board In The Baltic countries: What have we learned? BOFIT Discussion Papers 6/1999.
- 10. R.W. Kopcke: Currency Boards: One and Future Monetary Regimes? New England Monetary Review, No 6/7 1999
- 11. G.A. Calvo, C.A. Vegh: Currency Substitutions in The Developing Countries: An Introduction. IMF Working Papers 103/99/40, Washington D. C.
- 12. F. Kydland, E. Prescott: Rules Rather than Discretion: The Inconsistency of Optimal Plans. "Journal of Political Economy", 1977, za: R. Dennis: Time - Inconsistent Monetary Policies: Recent Research. FRBSF Economic Letter, 10/2003.
- 13. S. Lainela, P. Sutela: The Baltic Economies in Transition. Bank of Finland, A: 91, Helsinki 1994, za: I. Karhonen: Currency Board In The Baltic countries: What have we learned? BOFIT Discussion Papers 6/1999.
- 14. E. Leontieva: An Epitaph To The Currency Board. "The Free Market", No 5/1997.
- 15. J.F. Ponsot: The European Experiences of Currency Boards. Estonia, Lithuania, Bulgaria, and Bosnia & Herzegovina. CEMF-LATEC/Universite de Bourgogne, Dijon, France, Paper presented at the conference on Monetary and Financial Integration, Kalamazzo College, Michigan, USA, May 11-12, 2001.
- 16. Komunikat, Bruksela, 27 czerwca 2004 r.
- 17. Eurostat, baza NewCronos.
- 18. European Council resolution on the establishment of an exchange mechanism in the third stage of economic and monetary union. Amsterdam, 16 June 1997, OJ, C 236 of 02 August 1997.
- 19. Bank of Lithuania, Department of Statistics, www.lbank.lt
- 20. System of Monetary Policy Instruments, www.lbank.lt
- 21. Key dates in The Development of the Bank of Lithuania, www.lbank.lt
- 22. The Bank of Lithuania, Annual Report 2000, Vilnius 2001.
- 23. The Bank of Lithuania, Annual Report 2001, Vilnius 2002.
- 24. New Law on the Bank of Lithuania adopted by the Seimas of the Republic of Lithuania, 13 March 2001.
- 25. Lithuania Joins Exchange Rate Mechanism II, Lietuvos Bankas, www.lb.lt
- 26. Lithuanian's Convergence Programme of 2004. Government of the Republic of Lithuania, Vilnius, April 2004.
- 27. The Guidelines for the Application of the Bank of Lithuania Monetary Policy Instruments, "Velstybes zinios", No 10-197/1997
- 28. Lithuanian Opinion Leaders About The Politics of Money, "The Free Market", No 5/1997.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000000123668
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.