Estimation of the Exchange Market Pressure in the EU4 Countries: A Model-Dependent Approach
Result description
This paper estimates the exchange market pressure (EMP) on currencies of EU4 countries (Czech Republic, Hungary, Poland, Slovakia) during the period 1993-2005. We found that EMP was significantly lower and less volatile during the periods when a floatingexchange rate arrangement was applied than in periods with fixed exchange rates. It implies that unavoidable entry into ERM II (a quasi-fixed regime) could lead to the EMP increase during the period of the exchange rate stability criterion fulfillment.
Keywords
exchange market pressuremodel-dependent approachEU New Member Statesexchange rate stability criterion
The result's identifiers
Result code in IS VaVaI
Result on the web
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DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Estimation of the Exchange Market Pressure in the EU4 Countries: A Model-Dependent Approach
Original language description
This paper estimates the exchange market pressure (EMP) on currencies of EU4 countries (Czech Republic, Hungary, Poland, Slovakia) during the period 1993-2005. We found that EMP was significantly lower and less volatile during the periods when a floatingexchange rate arrangement was applied than in periods with fixed exchange rates. It implies that unavoidable entry into ERM II (a quasi-fixed regime) could lead to the EMP increase during the period of the exchange rate stability criterion fulfillment.
Czech name
Odhad tlaku na devizovém trhu v zemích EU4: modelově-závislý přístup
Czech description
V příspěvku je analyzován tlak na devizovém trhu (TDT) v zemích EU4 (Česko, Maďarsko, Polsko, Slovensko) v letech 1993-2005. Bylo zjištěno, že TDT byl významně nižší a méně volatilní v obdobích plovoucího devizového kurzu než v obdobích fixingu. Z toho vyplývá, že nutný vstup do kvazifixního režimu ERM II může zvýšit TDT v době plnění konvergenčního kritéria stability devizového kurzu.
Classification
Type
Jx - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
GA402/05/2758: Integration of the financial sector of the new EU member countries into the EMU
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)
Others
Publication year
2007
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
Investment Management and Financial Innovations
ISSN
1810-4967
e-ISSN
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Volume of the periodical
4
Issue of the periodical within the volume
3
Country of publishing house
UA - UKRAINE
Number of pages
15
Pages from-to
80-94
UT code for WoS article
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EID of the result in the Scopus database
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Result type
Jx - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP
AH - Economics
Year of implementation
2007