文章基本信息

标题：Fixing the Central Parity and the Evolution of the Currency within the Exchange Rate Mechanism II in the Countries that Joined the Euro Zone
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作者：Lucian Claudiu ANGHEL ; Florina PÎNZARU ; Mihaela DINU 等
期刊名称：Management Dynamics in the Knowledge Economy Journal
印刷版ISSN：2286-2668
出版年度：2014
卷号：2
期号：1
页码：21-40
语种：English
出版社：College of Management, National University of Political Studies and Public Administration
摘要：the present paper presents the models used by the countries that joined the Euro zone a#er 2000,in $xing the central parity and the evolution of the local currency towards Euro,when participating in Exchange Rate Mechanism II (ERM II).It synthesizes the main theories for determining the equilibrium exchange rate.It also presents the modality of putting them into practice in the countries that had already become members of the Euro zone."e better we know the other countries’ experience in the respect of the joining process to the Euro zone,the better will Romania be able to prepare itself for adopting the unique European currency."us,we will be synthesize the main approaches within literature and also in the economic policy deciders’ practice concerning the estimation of the equilibrium exchange rate and implicitly,of the central parity."e paper presents the modality of $xing the central parity and the experience of participating in ERM II for a number of member states that joined the Euro zone a#er 2000: Greece,Slovakia,Slovenia,Malta,Cyprus and Estonia.For these states we also analyze the evolution of the currency towards Euro while participating in ERM II.Starting from these examples,we explain the advantages and the disadvantages in $xing the central parity over/at/under the value of the exchange rate on the market at the moment of joining ERM II and we underline the problems that might occur in the case of choosing a central parity that is not compatible with the equilibrium value of the exchange rate.
关键词：equilibrium exchange rate;exchange rates mechanism II;purchasing power parity;uncovered interest rate parity;behavioral equilibrium exchange rate;uncovered interest rate parity