文章基本信息

标题：Exchange rate regimes for the New Member States of the European Union*
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作者：José García Solanes Universidad de Murcia ; CentrA Ramón María-Dolores Pedrero Universidad de Murcia,InUEFF
期刊名称：Moneda y Credito
印刷版ISSN：0026-959X
出版年度：2005
卷号：2005
期号：220
出版社：Moneda y Credito SL
摘要：This paper combines theoretical and empirical analysis to derive the desirable exchange rate regimes for eight of the New Member States of the EU in their initial steps towards EMU.The theoretical model takes into account the size of the internal market distortions and technological gaps of these countries, and assumes forward- looking behaviour of both firms and households. In the empirical part, we calculate numerical values for the incumbent parameters and estimate SVAR models in order to extract variances and covariances between shocks to these economies and to the euro area,which are necessary to compute individual social losses and derive the opti- mal regimes.The main result is that the choice varies depending on the institutional and structural features of each economy, and on the likely source and nature of eco- nomic shocks to which it is exposed.