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Exchange rate policy during transition to the European Monetary Union: The option of euroization

Author

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  • Fabrizio Coricelli

Abstract

Countries of central eastern Europe which are candidates for accession to the European Union face fundamental challenges in the conduct of macroeconomic policies. These countries are characterized by growth rates faster than those of EU countries, along with large current account deficits and an equilibrium appreciation of the real exchange rate. In such a context, an early adoption of the euro may be beneficial to central eastern European countries, while the ERM‐II system and the Maastricht criterion on inflation may give rise to serious drawbacks for candidate countries. JEL classification: F15, F41

Suggested Citation

  • Fabrizio Coricelli, 2002. "Exchange rate policy during transition to the European Monetary Union: The option of euroization," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 10(2), pages 405-417, July.
    • Handle: RePEc:bla:etrans:v:10:y:2002:i:2:p:405-417
    DOI: 10.1111/1468-0351.00118
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    Citations

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    Cited by:

    1. Neven T Valev, 2006. "From a Currency Board to the Euro: Public Attitudes Toward Unilateral Euroisation in Bulgaria1," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(3), pages 480-496, September.
    2. Lipinska, Anna, 2006. "The Maastricht convergence criteria and optimal monetary policy for the EMU accession countries," MPRA Paper 1795, University Library of Munich, Germany.
    3. Dimitrios Sideris, 2011. "Optimum currency areas, structural changes and the endogeneity of the OCA criteria: evidence from six new EU member states," Applied Financial Economics, Taylor & Francis Journals, vol. 21(4), pages 195-206.
    4. Roman Horváth, 2004. "Is Dollarization the Right Option? Financial Fragility, Original Sin and Fear of Floating," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 54(5-6), pages 252-266, May.
    5. Monica DAMIAN, 2011. "Evaluation of optimal monetary policy strategy in Romania in the context of fulfilment of convergence criteria," Romanian Journal of Economics, Institute of National Economy, vol. 33(2(42)), pages 146-168, December.
    6. Mance, Davor & Olgic Drazenovic, Bojana & Suljic Nikolaj, Stella, 2019. "Croatian Kuna: Money, Or Just A Currency? Evidence From The Interbank Market," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 10(2), pages 149-161.
    7. repec:spo:wpecon:info:hdl:2441/722 is not listed on IDEAS
    8. Filacek, Jan & Horvath, Roman & Skorepa, Michal, 2006. "Monetary Policy before Euro Adoption: Challenges for EU New Members," MPRA Paper 879, University Library of Munich, Germany.
    9. Lipinska, Anna, 2008. "The Maastricht Criteria and Optimal Monetary and Fiscal Policy Mix for the EMU Accession Countries," MPRA Paper 16376, University Library of Munich, Germany.
    10. repec:spo:wpecon:info:hdl:2441/3361 is not listed on IDEAS
    11. repec:hal:wpspec:info:hdl:2441/3361 is not listed on IDEAS
    12. Sandrine Levasseur, 2004. "Why not euroisation?," Revue de l'OFCE, Presses de Sciences-Po, vol. 91(5), pages 121-156.
    13. Juraj Antal & Jan Filáček & Jan Frait & Roman Horvath & Viktor Kotlán & Michal Skořepa, 2009. "Monetary Policy Strategies before Euro Adoption: The Art of Chasing Many Rabbits," Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 3(2), pages 176-198, July.
    14. repec:hal:spmain:info:hdl:2441/3361 is not listed on IDEAS
    15. Christian Fahrholz, 2003. "Strategic Exchange-Rate Policy of Accession Countries in ERM II," Eastward Enlargement of the Euro-zone Working Papers wp14, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Apr 2003.
    16. repec:hal:wpspec:info:hdl:2441/722 is not listed on IDEAS
    17. repec:hal:spmain:info:hdl:2441/722 is not listed on IDEAS
    18. Anna Lipinska, 2006. "Monetary regime choice in the accession countries - a theoretical analysis," Computing in Economics and Finance 2006 243, Society for Computational Economics.
    19. Fabrizio Coricelli, 2005. "Design and Implementation of the Stability and Growth Pact: The Perspective of New Member States," CASE Network Studies and Analyses 0304, CASE-Center for Social and Economic Research.
    20. repec:spo:wpmain:info:hdl:2441/722 is not listed on IDEAS
    21. Mathilde Maurel, 2004. "Financial Integration, Exchange Rate Regimes in CEECs, and joining the EMU : Just Do It," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01065481, HAL.
    22. repec:spo:wpmain:info:hdl:2441/3361 is not listed on IDEAS
    23. Lipinska, Anna, 2008. "The Maastricht Convergence Criteria and Monetary Regimes for the EMU Accession Countries," MPRA Paper 16375, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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