The Euroarea and the New EU Member States: Monetory and Exchange Rate Strategies (Euro-Asian Studies)

Cover......Page 0
Contents......Page 7
List of Tables......Page 10
List of Figures......Page 12
List of Abbreviations......Page 14
Preface......Page 16
Foreword......Page 19
List of Contributors......Page 21
Part I: General Policy Issues for the Accession Countries......Page 25
1 Introduction......Page 27
2 Participating in the Euroarea: medium- to long-term effects......Page 31
3 Meeting the requirements of Euroarea entry: short-term implications......Page 39
4 Conclusions......Page 44
1 Introduction......Page 47
2 The optimum currency area theory......Page 49
3 The endogeneity hypothesis of OCA criteria and EMU enlargement......Page 54
4 Indices of endogenous optimum currency area......Page 58
5 Conclusions......Page 60
1 Introduction......Page 63
2 Modelling the exchange rate regime......Page 64
3 Data and procedures......Page 67
4 Estimation results......Page 68
5 Welfare effects of exchange rate regime choices......Page 72
6 Non-structural estimation of the effects of domestic and foreign shocks......Page 74
7 Conclusions......Page 76
1 Introduction......Page 78
2 A small macroeconomic model of Accession Countries......Page 80
3 Model estimation......Page 83
4 Model simulation......Page 94
1 Introduction......Page 103
2 Monetary view on forex rate determination......Page 104
3 The nominal forex regime and transitional growth......Page 109
4 The real forex regime and transitional growth......Page 118
5 Conclusions......Page 122
Part II: Country-specific Monetary Policy and Exchange Rate Questions in the Run-up to Monetary Union......Page 125
1 Introduction......Page 127
2 Money-based stabilization policy (1991–95)......Page 130
3 Price and real exchange rate stability dual targeting policy (1996–2001)......Page 135
4 Exchange-rate-based stabilization policy and accession to ERM II (2001–)......Page 143
5 Conclusions......Page 150
1 Introduction......Page 154
2 Main features of the Estonian monetary regime......Page 155
3 The core features of the Estonian economy......Page 159
4 The MTM in Estonia......Page 175
5 Conclusions......Page 184
1 Introduction......Page 188
2 DIT in transitional economies......Page 189
3 Methodology and data......Page 192
4 Asset price reactions to changes in the CNB\'s official interest rate before DIT......Page 196
5 Asset price reactions to changes in the official interest rate in the DIT period......Page 198
6 Conclusions......Page 201
1 Introduction......Page 204
2 Concepts of equilibrium exchange rate......Page 205
3 Empirical estimations......Page 209
4 FEER calculations......Page 211
5 BEER estimations......Page 217
6 What should be the entry exchange rate?......Page 220
7 Conclusions......Page 225
2 The recent history of the Hungarian exchange rate and monetary regimes......Page 227
3 The Euroarea entry date: arguments, prospects and expectations......Page 233
4 Strategic issues related to ERM II participation......Page 243
5 Conclusions......Page 248
References......Page 249
E......Page 261
P......Page 262
Y......Page 263