Balance of Payments, Exchange Rates, and Competitiveness in Transition Economies
Mario I. Blejer, Marko Skreb
Springer Science & Business Media, Aug 23, 2007 - Business & Economics - 488 pages
Integrating transition economies into the global commercial and trade market system is a prolonged and risky process. This book is a collection of studies dealing with the different issues related to the liberalization of external relations in economies moving from a socialist to a market-based system The focus is on external sector developments, and the topics deal with balance of payments conditions, exchange rate policies and regimes, international competitiveness, international capital flows, trade, and other matters related to the integration of transition economies into the world economy.
An understanding of the principles involved and of the experiences of both transition and advanced economies during this process is crucial to ensure its ultimate success. Written by internationally recognized scholars, the chapters cover these issues in a systematic manner. The first section treats current account developments, capital flows, and exchange rate policies in transition countries, the second section deals with specific issues related to international trade, and the final section consists of six specific country experiences. In this final section, a chapter dealing with the Russian Federation discusses the collapse of the ruble in August 1998.
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adjustment average balance of payments Balassa-Samuelson effect band BCIS countries billion borrowing budget Bulgaria capital account capital inflows capital markets central bank changes CMEA competitiveness crises crisis Croatia currency current-account balance current-account deficit current-account imbalances Czech Republic depreciation devaluation domestic factory EBRD effect equilibrium Estonia European exchange-rate exchange-rate policy exchange-rate regime exports external debt factors Figure financial markets fiscal fixed exchange rates flows foreign direct investment foreign investor foreign reserves foreign-exchange Hungary important income increase indicators inflation rate interest rates investment rates liberalization Lithuania macroeconomic manufacturing monetary policy nontraded output parity percent of GDP period Poland political portfolio productivity ratio real appreciation real exchange rate real exchange-rate reforms relative price restructuring revenue Romania Russia savings rates share short-term significant Slovak Republic Slovenia Source stabilization structural surplus sustainability Table tariff tion tradable trade policy transition countries transition economies U.S. dollar Ukraine worsening