Monetary and Exchange Rate Policies, EMU and Central and Eastern Europe: EPI - Softcover

Begg, David; Halpern, Laszlos; Wyplosz, Charles

Softcover

ISBN 10: 1898128413 ISBN 13: 9781898128410

Publisher: Centre for Economic Policy Research, 1999

Synopsis

The continuing global crisis reinforces the need for Europe's transition economies to find a robust strategy for macroeconomic policy in the period leading up to accession and in preparation for joining EMU. This report examines three of the issues that need to be resolved along the way: How should policymakers think about the actual and the desirable evolution of the real exchange rate in transition economies? What nominal anchor should be adopted? To what extent must any credible monetary policy be underpinned by sound fiscal policy? Implicit in all these questions is the appropriate speed of disinflation; the tradeoffs between fiscal prudence, adequate government expenditure on infrastructure, and regulatory capacity; and the implications for capital flows and the vulnerability of the banking system.

About this title

About the Author

David Begg is Professor of Economics at Birkbeck College, London, and a Research Fellow in CEPR's International Macroeconomics and Transition Economics research programmers. László Halpern is Senior Research Fellow and Deputy Director at the Institute of Economics of the Hungarian Academy of Sciences in Budapest. Charles Wyplosz is professor of international economics and director of the International Center for Monetary and Banking Studies at the Graduate Institute of International Studies in Geneva.

Review

'This report... is an important enrichment which gives decision-makers practical significance and offers lessons of pragmatism and modesty to policy-makers in transition economies.' (Jan Bielecki, EBRD)

Edition details

• Publisher: Centre for Economic Policy Research
• Publication date: 1999
• ISBN 10: 1898128413
• ISBN 13: 9781898128410
• Binding: Paperback
• Language: English
• Number of pages: 150
• Editor: Ambrus-Lakatos Lorand, Schaffer Mark E.