Exchange Rate Regime and External Adjustment in CEE Countries

• Autorzy: Jacek Pietrucha
• Języki publikacji: EN

Abstrakty

EN

The paper reviews effects of exchange rate regime's choice for adjustments processes in current accounts (CA) in the Central and Eastern Europe countries between 2008-2012. During the period of global financial crisis, Poland may be treated as a handbook example of the reaction of floating exchange rate to shock and adjustments in the form of expenditure switching. However, the Polish experience is not typical among the Central and Eastern Europe countries. There is no evidence for the positive role of floating exchange rate in macroeconomic adjustments after the crisis in Central and Eastern Europe countries which belong to EU. The adjustments in the countries with fixed regimes were fast and deep. The real exchange rate decreased and export, CA and goods and services balance improved, development distance against EU countries was reduced. However, the experience of Baltic countries, which have internal devaluation, should be very carefully conveyed to other countries.(original abstract)

Słowa kluczowe

EN

Transaction account; Exchange rates; Balance of payments

PL

Rachunek bieżący; Kurs walutowy; Bilans płatniczy

• Czasopismo: Journal of Economics & Management / University of Economics in Katowice
• Rocznik: 2015
• Numer: nr 20
• Strony: 38--52

Twórcy

autor

Jacek Pietrucha

• Uniwersytet Ekonomiczny w Katowicach

Bibliografia

• Ameco (access: 30.01.2014).
• Arratibel O., Furceri D., Martin R., Zdzienicka A. (2011): The Effect of Nominal Exchange Rate Volatility on Real Macroeconomic Performance in the CEE Countries. "Economic Systems", Vol. 35.
• Aslund A. (2011): Exchange Rate Policy and the East European Financial Crisis. "Eurasian Geography and Economics", Vol. 52, No 3.
• Bieńkowski W., Gawrońska-Nowak B., Grabowski W. (2011): Podatność polskich rynków finansowych na niestabilności wewnętrzne i zewnętrzne. "Materiały i Studia NBP", nr 258.
• Blanchard O. (2012): Lessons from Latvia. Vox, 15 June 2012, http://www.voxeu.org/article/ lessons-latvia (access: 30.01.2014).
• Chinn M., Wei S. (2008): A Faith-Based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment? "NBER Working Paper Series" October, No. 14420.
• Darvas Z. (2011): Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe. "Eurasian Geography and Economics", Vol. 52, No. 3, p. 390-408.
• Darvas Z. (2012): Internal Adjustment of the Real Exchange Rate: Does It Work? Vox 6 July, http://www.voxeu.org/article/internal-adjustment-real-exchange-rate-doesit- work (access: 30.01.2014).
• Eurostat (access: 30.01.2014).
• Friedman M. (1953): The Case for Flexible Exchange Rates. In: M. Friedman: Essays in Positive Economics. University of Chicago Press, Chicago.
• Gervais O., Schembri L., Suchanek L. (2011): External Stability, Real Exchange Rate Adjustment and the Exchange Rate Regime in Emerging-Market Economies. "Bank of Canada Discussion Paper" 5, June.
• Ghosh A., Qureshi M., Tsangarides C.: Economics Letters. Vol. 118, No. 1, pp. 104-109.
• Herrmann S. (2009): Do We Really Know that Flexible Exchange Rates Facilitate Current Account Adjustment? Some New Empirical Evidence for CEE Countries. Deutsche Bundesbank Discussion Paper Series 1: Economic Studies, No. 22.
• Krugman P. (2012): Latvian Competitiveness. 10 June, krugman.blogs.nytimes.com (access: 30.01.2014).
• Lane P., Milesi-Ferretti G. (2012): External Adjustment and the Global Crisis. "Journal of International Economics", Vol. 88, pp. 252-265
• Magud N., Reinhart C., Vesperoni E. (2011): Capital Inflows, Exchange Rate Flexibility, and Credit Booms. "NBER Working Paper" December, No. 17670.
• Najlepszy E., Sobański K. (2010): Niestabilność równowagi zewnętrznej krajów rozwijających się. PWE, Warszawa.
• National Bank of Poland (2008): Financial Stability Report, June.
• Welfe W., Florczak W. (2010): Slowdown of the Polish Economy: Model-Based Simulations. "Gospodarka Narodowa", No. 9, pp. 47-64.