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Il est toujours préférable d’avoir les mains libres

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  • David Begg
  • Charles Wyplosz

Abstract

[eng] Untied Hands are Fundamentally Better . In this paper, we consider the evolving role of exchange rate policy in countries where transition is now successfully established. In particular, we discuss the exit strategy for those transition economies that initially had relied on the exchange rate as the principal nominal anchor. First, we provide the background to the exit problem. We discuss how this problem might in principle be solved. Then we examine evidence from three leading, but contrasting, transition economies in Central Europe : Poland, the Czech Republic and Hungary. The purpose of our discussion is to consider the costs and benefits associated with each of these different methods of exit from the original exchange rate regime. . JEL classifications : E52, F31, P20 [fre] Cet article examine le rôle de la politique des taux de change dans des pays où la transition est désormais fermement établie. En particulier, nous étudions la stratégie de sortie pour les économies en transition qui s’étaient auparavant appuyées sur le taux de change comme principal ancrage nominal. Tout d’abord, nous décrivons le contexte du problème de sortie et les problèmes associés. Puis nous indiquons comment ce problème pourrait en principe être résolu. Enfin, nous examinons les données réunies dans trois grands - mais très différents - pays en transition : la Pologne, la République tchèque et la Hongrie. Notre objectif est d’analyser les coûts et avantages associés à chacune de ces différentes méthodes de sortie du régime initial des taux de change. . Classification JEL : E52, F31, P20

Suggested Citation

  • David Begg & Charles Wyplosz, 2001. "Il est toujours préférable d’avoir les mains libres," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 349-380.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_hos_6_1_3914
    DOI: 10.3406/ecofi.2001.3914
    Note: DOI:10.3406/ecofi.2001.3914
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    References listed on IDEAS

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    1. Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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