Monetary and exchange rate policies, EMU and Central and Eastern Europe
Monetary and exchange rate policies, EMU and Central and Eastern Europe
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货币和汇率政策、欧洲货币联盟和中东欧
DOI：
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发表时间：
1999
期刊：
影响因子：
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通讯作者：
M. Schaffer
中科院分区：
文献类型：
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作者：
D. Begg;L. Halpern;Charles Wyplosz;Loránd Ambrus;M. Schaffer
持续的全球危机使几大洲的国家经历了银行业危机和对其汇率的投机性攻击，这强化了欧洲转型经济体在加入之前和准备加入欧洲货币联盟期间找到强有力的宏观经济政策战略的必要性。本报告审查了沿着需要解决的三个问题。首先，随着转型的继续，决策者应如何看待转型经济体真实的汇率的实际和理想演变？第二，应采用什么名义上的锚？第三，任何可信的货币政策必须在多大程度上得到稳健财政政策的支持？所有这些问题都隐含着反通货膨胀的适当速度、财政审慎与政府在基础设施和监管能力方面的充分支出之间的权衡，以及对资本流动和银行体系脆弱性的影响。
The continuing global crisis, in which countries on several continents have experienced banking crisis and speculative attacks on their exchange rates, 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. First, as transformation continues, how should policy-makers think about the actual and the desirable evolution of the real exchange rate in transition economies? Second, what nominal anchor should be adopted? Third, 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, tradeoffs between fiscal prudence and adequate government expenditure on infrastructure and regulatory capacity, and implications for capital flows and the vulnerability of the banking system.