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Title: Implicit exchange regimes in Central and Eastern Europe: a first exploration
Authors: Ledesma Rodríguez,Francisco 
Pérez Rodríguez, Jorge Vicente 
Sosvilla Rivero,Simón Javier 
UNESCO Clasification: 530406 Dinero y operaciones bancarias
Keywords: Política monetaria
Bancos centrales
Issue Date: 2009
Publisher: 1612-4804
Journal: International Economics and Economic Policy 
Abstract: This paper attempts to identify implicit exchange rate regimes for currencies of the Central and Eastern European Countries vis-à-vis the euro. To that end, we apply a sequential procedure that considers the dynamics of exchange rates to data covering the period from 1977:01 to 2006:02. Our results would suggest that implicit bands have existed in many subperiods for almost all currencies under study. Once we detect de facto discrepancies between de facto and de iure exchange rate regimes, we propose a model in order to explain these decisions. Our results suggest a positive association between the previous inflation rate and the probability of a peg with the euro, and a negative association with past unemployment rate.
ISSN: 1612-4804
DOI: 10.1007/s10368-009-0133-4
Source: International Economics and Economic Policy[ISSN 1612-4804],v. 6, p. 179-206
Appears in Collections:Actas de congresos
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