De facto exchange-rate regimes in Central and Eastern European Countries
- Simón Sosvilla-Rivero
- María del Carmen Ramos Herrera
ISSN: 2339-9570
Año de publicación: 2015
Número: 2
Tipo: Documento de Trabajo
Otras publicaciones en: Documentos de trabajo = Working Papers ( Instituto Complutense de Estudios Internacionales ): Nueva época
Resumen
This paper attempts to identify implicit exchange rate regimes for currencies of new European Union (EU) countries vis-à-vis the euro. To that end, we apply three sequential procedures that consider the dynamics of exchange rates to data covering the period from 1999:01 to 2012:12. Our results would suggest that implicit bands have existed in many sub-periods for almost all currencies under study. This paper provides new empirical evidence that strengthens the hypothesis of that the implemented policies differ from those announced by the monetary authorities, identifying the existence of de facto fixed monetary systems along large number of sub-periods for different currencies.