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|z 9781451856125
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|a 1018-5941
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|a Klyuev, Vladimir.
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|a A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe /
|c Vladimir Klyuev.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2001.
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|a 1 online resource (42 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The paper develops a model of exchange rate regime choice centered on the trade-off between internal price stability and external competitiveness and allowing for institutional costs of altering exchange rate arrangements. The main implication of the model is a nonlinear relationship between the rate of inflation and the choice of regime for the next period. The model also suggests that a major inflationary shock-like the one to which all Central and Eastern European economies were subject when they allowed prices to be determined by the market-should give rise to a tightening of the exchange rate regime, followed by a gradual introduction of more flexibility as inflation subsides. A series of regressions on a sample of 13 Central and Eastern European economies yield results consistent with the hypothesis.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2001/140
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2001/140/001.2001.issue-140-en.xml
|z IMF e-Library
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