Exchange Rate Pass-Through in Countries Applying for Admission to the EU
Type de matériel :
TexteLangue : français Détails de publication : 2004.
Sujet(s) : Ressources en ligne : Abrégé : This paper analyzes the link between the choice of exchange rate regime and inflationary performance in four EU accession countries: the CzechRepublic, Hungary, PolandandSlovenia(CEEC-4). The findings generate a clear ranking of the countries by magnitude of pass-through effect and the importance of exchange rate shocks to overall inflationary performance. We find, in particular, that a perfect pass-through effect associated with an accommodative exchange rate policy can become an important source of inflationary pressure. The analysis suggests that early adoption of the euro could be the most effective way for the CEEC-4 to reduce inflation.
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This paper analyzes the link between the choice of exchange rate regime and inflationary performance in four EU accession countries: the CzechRepublic, Hungary, PolandandSlovenia(CEEC-4). The findings generate a clear ranking of the countries by magnitude of pass-through effect and the importance of exchange rate shocks to overall inflationary performance. We find, in particular, that a perfect pass-through effect associated with an accommodative exchange rate policy can become an important source of inflationary pressure. The analysis suggests that early adoption of the euro could be the most effective way for the CEEC-4 to reduce inflation.
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