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Koruna Exchange Rate Turbulence in May 1997

Author

Listed:
  • Katerina Smidkova
  • Jiri Behounek
  • Tibor Hledik
  • Josef Jilek
  • Miroslav Kostel
  • Ivana Matalikova
  • Dana Rottova
  • Jana Stankova

Abstract

The study has been written by the team of the CNB experts in order to provide evidence about the exchange-rate turbulence of koruna in 1997. First, it provides analysis of the root causes of the exchange rate turbulence in May 1997. Secondly, it takes an in-depth look at the attempts to solve the problem of turbulence, from the CNB strategy in the first days, the escalation, up to and including the changes in the exchange rate regime and the rationale behind these changes. Finally, it concentrates on the eventual easing of the turbulence and the CNB's strategy aimed at interest rate landing.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Katerina Smidkova & Jiri Behounek & Tibor Hledik & Josef Jilek & Miroslav Kostel & Ivana Matalikova & Dana Rottova & Jana Stankova, 1998. "Koruna Exchange Rate Turbulence in May 1997," Archive of Monetary Policy Division Working Papers 1998/02, Czech National Bank.
    • Handle: RePEc:cnb:mpaper:1998/02
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    File URL: https://www.cnb.cz/export/sites/cnb/en/economic-research/.galleries/research_publications/mp_wp/download/a-wp2-98.pdf
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    Cited by:

    1. Juraj Antal & Michal Hlavacek & Tomas Holub, 2008. "Basic Characteristics of Inflation Targeting in the Czech Republic," Occasional Publications - Chapters in Edited Volumes, in: Katerina Smidkova (ed.), Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007, chapter 2, pages 18-34, Czech National Bank.
    2. Kateřina Šmídková & Ray Barrell & Dawn Holland, 2003. "Estimates of fundamental real exchange rates for the five eu pre-accession countries," Prague Economic Papers, Prague University of Economics and Business, vol. 2003(4), pages 291-315.
    3. Kateøina Šmídková, 2005. "How Inflation Targeters (Can) Deal with Uncertainty," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 55(7-8), pages 316-332, July.
    4. Kateřina Šmídková & Aleš Bulíř, 2005. "Would Fast Sailing Towards the Euro Be Smooth? What Fundamental Real Exchange Rates Tell Us," Prague Economic Papers, Prague University of Economics and Business, vol. 2005(4), pages 291-316.
    5. Katerina Smidkova, 2008. "Evaluation of the Fulfilment of the CNB's Inflation Targets," Occasional Publications - Chapters in Edited Volumes, in: Katerina Smidkova (ed.), Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007, chapter 1, pages 10-17, Czech National Bank.

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