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|z 9781451841794
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|a Kuijs, Louis.
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|a Exchange Rates in Central Europe :
|b A Blessing or a Curse? /
|c Louis Kuijs, Alain Borghijs.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2004.
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|a 1 online resource (29 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 Central European accession countries (CECs) are currently considering when to adopt the euro. From the perspective of macroeconomic stabilization, the cost or benefit of giving up a flexible exchange rate depends on the types of asymmetric shocks hitting the economy and the ability of the exchange rate to act as a shock absorber. Economic theory suggests that flexible exchange rates are useful in absorbing asymmetric real shocks but unhelpful in the case of monetary and financial shocks. For five CECs-the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia-empirical results on the basis of a structural VAR suggest that in the CECs the exchange rate appears to have served as much or more as an unhelpful propagator of monetary and financial shocks than as a useful absorber of real shocks.
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|a Mode of access: Internet
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|a Borghijs, Alain.
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|a IMF Working Papers; Working Paper ;
|v No. 2004/002
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2004/002/001.2004.issue-002-en.xml
|z IMF e-Library
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