Titlebook: Exchange Rate Policies, Prices and Supply-side Response; A Study of Transitio Christos Papazoglou (member),Eric J. Pentecost (me Book 2001

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Introduction: Issues, Structure and Policy Recommendationsut was to a large extent unavoidable due to the destruction of the existing structure of production as these economies moved to new, market-guided activities. While the output decline has been a common event in all these countries, the extent of output recovery, as the transition process has progres

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Output Dynamics in Transition Economies under Alternative Exchange Rate Regimestulated for this fall in real GDP. Borensztein, Demekas and Ostry (1993) argue, for example, that for Bulgaria and the Czech Republic supply shocks were the most important explanation with national factors capable of explaining nearly all the variation in output with sector-specific factors playing

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Exchange Rate Policy and Output Growth in Transition Economies: The Experience of Bulgaria, the Czecng disinflationary policy stand, most transition economies moved into positive rates of growth. More specifically, by the end of 1994 the majority of the transition economies of Eastern and Central Europe recorded positive rates of growth that have been sustained up to the end of 1997. An important

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Price and Output Dynamics under a Currency Board: The Case of Bulgariathe most flexible, floating exchange rate system to the most rigid type of fixed-rate system — a currency board. From the start of the reform period in February 1991, when prices covering more than 70 per cent of retail turnover were liberalized and when administered prices increased fourfold, with

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Exchange Rates and the Supply Response in the Czech Republic: Is PPP a Relevant Rule for Assessing tquent development in these countries posed several new empirical issues to be theoretically explained. The problem of finding the equilibrium real exchange rate (RER) and exchange rate stability in these economies has remained one of the most resilient features to solve. Contrary to traditional expe

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Inertia

Economic Performance in Poland under Fixed and Flexible Exchange Rate RegimesUnion, this process of integration culminated in the Economic and Monetary Union (EMU). EMU formally started on 1 January 1999 with the replacement of national currencies by a common currency, the euro, and the replacement of national monetary policy autonomy by a common monetary policy implemented