Exchange Rate Strategies During the EU Enlargement
Papers

The following papers were prepared within the program:

Peter Bofinger (University of Würzburg)

Darja Borsic (University of Maribor): The Validity of Purchasing Power Parity Theory in Transition

Jan Fidrmuc (Center for European Integration Studies, University of Bonn): The Strategic Aspects of Exchange Rate Regime Choice for the Accession Candidate Countries

Wilhelm Salater (National Bank of Romania, Bucharest): The Choice of Monetary and Exchange Rate Regimes in the Era of Globalization: Inflation Targeting versus Currency Board

Juraj Valachy (CERGE-EI, Charles University, Prague): Incorporation of Poisson Jumps into a Model with Nonparametrically Estimated Diffusion and Application on the CEE Countries’ Exchange Rate

Jacek Rostowski (CASE Foundation, Warsaw): Why Unilateral Euroization is Suitable for (some) EU Applicant Countries

Vladimir Lavrac (IER, Ljubljana)

Andrius Bogdanovicius (Lithuanian Free Market Institute, Vilnius): Lithuania’s Experience Linking National Currency to Euro

Michael Frömmel (University of Hannover) - Franziska Schobert (Deutsche Bundesbank, Frankfurt): Nominal Anchors in EU-accession Countries - Recent Experiences

Tomas Holub (Charles University, Prague): Importing Low Inflation via Pegged Exchange Rates, Currency Boards and Monetary Unions

Gunther Schnabl (Tuebingen University): An Informal Euro Standard as a First Step for EMU Membership

Bostjan Jazbec (University of Ljubljana) - Fabrizio Coricelli (University of Siena)- Igor Masten( University of Ljubljana): Exchange Rates Pass-through in Candidate Countries

Julda Kielyte (Hamburg University): Exchange Rate Arrangements in the Run-up to the EMU: Some Experience in Currency Board Countries

Evzen Kocenda (CERGE-EI, Charles University, Prague): Exchange Rate Regimes and Volatility: Comparison of the Snake and Visegrad

Gábor Orbán (Budapest University of Economic Sciences): The Viability of the Baltic Way toward Convergence and EMU

Flora Prieto(FP Inversiones Plafinicación y Research, Spain): Influence of Non-prioritized Economic and Social Elements on Exchange Rate Regimes(Annex)

Bas van Aarle (Catholic University Leuven, LICOS, Centre for Transition Economics) - Joseph Plasmans (University of Antwerp)- Bruno Merlevede (UFSIA - RUCA, University of Antwerp): A Small Macro-Economic Model of the EU-Accession Countries

Jizhong Zhou - Jürgen von Hagen (Center for European Integration Studies, University of Bonn): The Determination of Capital Controls in Transition Economies: Which Role do Exchange Rate Regimes Play?

Andreas Freytag (University of Cologne): Choice of an Exchange-rate Arrangement, Institutional Setting and Inflation: Empirical Evidence from Latin America

Fabrizio Coricelli (University of Siena): Exchange Rate Regimes and Shocks

Vladimir Benacek (Charles University, FSV, Institute of Economic Studies, Prague) - Ladislav Prokop (Czech National Bank, Prague) - Jan Visek (Charles University): Specialization, Competitiveness, Growth and Trade Policies: Microeconomic Factors behind the Balance of Trade

Dubravko Mihaljek (Bank for International Settlements, Switzerland): The Balassa-Samuelson Effect in Central Europe: a Disaggregated Analysis

Balázs Égert (University of Paris): Nominal and Real Convergence in Estonia: The Balassa - Samuelson (Dis)connection. Does Disaggregation Provide Better Understanding?

Christoph Fischer (Deutsche Bundesbank, Frankfurt): Real Currency Appreciation in Accession Countries: Balassa-Samuelson and Investment Demand

Hubert Gabrisch (Institute for Economic Research, Halle): Financial Fragility and Exchange Rate Arrangements of EU Candidate Countries

Velimir Sonje (Raiffeisen Bank, Austria D.D. Zagreb): Impact of Currency Substitution on the Choice of the Exchange Rate Regime During EU Enlargement Process: Lessons for EU Accession Countries

Cezary Wojcik (Warsaw School of Economics) - Ronald MacDonald (Strathclyde University, Glasgow): Catching up: The Role of Demand and Supply Side Effects on the Real Exchange Rates of Accession Countries.

Friedrich Heinz (Bank of Tokyo-Mitsubishi Ltd., London): Exchange Rate Alternatives Before EMU Enlargement

Kirsten Lommatzsch - Silke Tober (Deutsches Institut für Wirtschaftsforschung Berlin): What is behind the Real Appreciation of the Accession Countries’ Currencies?

Daniel Daianu (Academy of Economic Studies, Bucharest): Opening the Capital Account of Transition Economies: How Much and How Fast? (Irina Balteanu)

Lucio de Souza (ECARÉ, Brussels) - Elisabeth Ledrut (the Netherlansche Bank): Alternative Paths Towards EMU:Lessons from an Expanded Mundell-Fleming Model forthe Accession Countries

Peter Backé (Austrian National Bank, Vienna)

Daniel Gros - Alexandr Hobza (Center for European Policy Studies, Brussels): Exchange Rate Variability as an OCA Criterion: Are the Candidates Ripe for the Euro?

Lukasz Rawdanowitz (Centre for Social and Economic Research - Foundation, Warsaw): Poland’s Accession to EMU - Choosing the Exchange Rate Parity

Marc Alexandre Senegas (University Montesquieu Bordeaux IV) - Jean-Sebastian Pentecote (C.E.R.E.S.U.R. University of La Réunion): ERMII Anchoring on the Way to EMU: More Notional than Real Effects?

Jens Hölscher (University of Brighton) -Mariusz Jarmuzek (CASE Foundation Warsaw) : Over-or Undervalued Euroland Entry?

László Jankovics (University of Debrecen): The Bumpy Road to EMU: Similarities and Discrepancies in the Accession Countries