Adopting the Euro in Central Europe [electronic resource] : Challenges of the Next Step in European Integration.

International Monetary Fund
Washington, D.C. : International Monetary Fund, 2005.
IMF eLibrary
Occasional Papers; Occasional Paper No. 234.
Occasional Papers; Occasional Paper No. 234
Government document
1 online resource (148 p.)
Local subjects:
Accession countries.
Account deficits.
Actual inflation.
Aggregate demand.
Annual inflation.
Area trade.
Asymmetric shocks.
Average exchange rate.
Average inflation.
Average inflation rate.
Average rate of inflation.
Average trade.
Balance of payments.
Bank borrowing.
Bank credit.
Bank credit ceilings.
Bank entry.
Bank entry restrictions.
Bank for international settlements.
Bank insolvency.
Bank lending.
Bank lending rates.
Bank loan.
Bank loans.
Bank management.
Bank supervision.
Banking crises.
Banking crisis.
Banking distress.
Banking sector.
Banking sector assets.
Banking sector distress.
Banking sector fragilities.
Banking sectors.
Banking system.
Banks balance sheets.
Banks liabilities.
Bilateral exchange rates.
Bilateral trade.
Bilateral trade flows.
Bond market.
Bond market capitalization.
Budget balances.
Budget deficit.
Budget deficits.
Budgetary discipline.
Capital adequacy.
Capital adequacy ratio.
Cluster analysis.
Competitive position.
Competitive pressures.
Currency appreciation.
Currency areas.
Currency boards.
Currency derivatives.
Currency pegs.
Currency substitution.
Currency unions.
Current exchange rates.
Curve equation.
Data analysis.
Derivative markets.
Derivatives markets.
Economic instability.
Effect of exchange rate changes.
Effective exchange rate.
Effective exchange rates.
Employment protection.
Employment protection legislation.
Employment ratios.
Equal treatment.
Equilibrium exchange rate.
Equilibrium model.
Equity derivatives.
Equity markets.
Error variance.
Evidence of trade diversion.
Exchange market intervention.
Exchange market stability.
Exchange markets.
Exchange rate.
Exchange rate adjustment.
Exchange rate appreciation.
Exchange rate arrangement.
Exchange rate arrangements.
Exchange rate band.
Exchange rate bands.
Exchange rate behavior.
Exchange rate changes.
Exchange rate crises.
Exchange rate dynamics.
Exchange rate flexibility.
Exchange rate floats.
Exchange rate fluctuations.
Exchange rate instability.
Exchange rate instrument.
Exchange rate margins.
Exchange rate mechanism.
Exchange rate movements.
Exchange rate pass.
Exchange rate policies.
Exchange rate policy.
Exchange rate pressures.
Exchange rate regime.
Exchange rate regimes.
Exchange rate risk.
Exchange rate risks.
Exchange rate shocks.
Exchange rate stability.
Exchange rate system.
Exchange rate target.
Exchange rate targeting.
Exchange rate targets.
Exchange rate uncertainty.
Exchange rate variability.
Exchange rate variations.
Exchange rate volatility.
Exchange rates.
Exchange reserves.
Exchange restrictions.
Exchange risk.
Expansionary fiscal.
Expansionary fiscal contractions.
Expenditure cuts.
Expenditure reform.
Expenditure restraint.
Factor markets.
Financial institutions.
Financial markets.
Financial sector.
Financial services.
Financial stability.
Financial statistics.
Fiscal accounts.
Fiscal adjustment.
Fiscal adjustments.
Fiscal balance.
Fiscal balances.
Fiscal behavior.
Fiscal consolidation.
Fiscal consolidation on growth.
Fiscal consolidations.
Fiscal contraction.
Fiscal contractions.
Fiscal cost.
Fiscal costs.
Fiscal criterion.
Fiscal decentralization.
Fiscal deficit.
Fiscal deficits.
Fiscal devolution.
Fiscal discipline.
Fiscal expansion.
Fiscal imbalances.
Fiscal impact.
Fiscal implications.
Fiscal impulse.
Fiscal multiplier.
Fiscal multipliers.
Fiscal policies.
Fiscal policy.
Fiscal policy objectives.
Fiscal policy variables.
Fiscal position.
Fiscal positions.
Fiscal reform.
Fiscal reforms.
Fiscal restraint.
Fiscal revenues.
Fiscal situation.
Fiscal stabilizers.
Fiscal stance.
Fiscal sustainability.
Fixed exchange rate.
Fixed exchange rate regime.
Fixed exchange rate regimes.
Fixed exchange rates.
Flexible exchange rate.
Flexible exchange rates.
Floating exchange rates.
Fluctuation margins.
Foreign asset.
Foreign currency.
Foreign exchange.
Foreign exchange market.
Foreign exchange markets.
Foreign exchange reserves.
Foreign exchange restrictions.
Free trade.
Free trade agreements.
Full liberalization.
General equilibrium models.
Government bonds.
Government budget.
Government budget deficits.
Government deficit.
Government expenditures.
Government revenue.
Government spending.
Graphical analysis.
High interest rates.
Home currency.
Increase in inflation.
Inflation convergence.
Inflation objective.
Inflation rate.
Inflation rates.
Inflation target.
Inflation targeting.
Inflation targeting framework.
Inflationary pressures.
Interbank market.
Intergovernmental transfers.
Intermediate exchange rate.
Intermediate exchange rate regimes.
International financial statistics.
Labor force participation.
Labor force participation rates.
Labor force survey.
Local government expenditures.
Low inflation.
Lower inflation.
Macroeconomic performance.
Macroeconomic stability.
Market exchange rate.
Monetary economics.
Monetary policy.
Monetary union.
Money supply.
Net fiscal cost.
Nominal bilateral exchange rates.
Nominal exchange rate.
Nominal exchange rates.
Nominal interest rate.
Nominal interest rates.
Output growth.
Overvalued exchange rate.
Pattern of trade.
Per capita income.
Price inflation.
Price level.
Price stability.
Primary deficit.
Primary expenditure.
Primary fiscal deficits.
Public debt.
Public finance.
Public finances.
Public investment spending.
Rate of inflation.
Real effective exchange rate.
Real effective exchange rates.
Real exchange rate.
Real exchange rate appreciation.
Real exchange rate changes.
Real exchange rate fluctuations.
Real exchange rate movements.
Real exchange rate volatility.
Real exchange rates.
Real interest rate.
Real interest rates.
Real money.
Real rate of interest.
Real rates.
Real value.
Real wages.
Reducing fiscal deficits.
Reduction in inflation.
Relative price.
Relative prices.
Reserve requirement.
Return on investment.
Safeguard clause.
Sample mean.
Speculative exchange rate.
Standard deviation.
Standard deviations.
Statistical methods.
Structural fiscal.
Structural fiscal reforms.
Tax burden.
Tax collection.
Tax increases.
Tax rates.
Tax reform.
Tax revenue.
Tax revenues.
Tax systems.
Total unemployment.
Trade agreements.
Trade creation.
Trade data.
Trade diversion.
Trade flows.
Trade gains.
Trade impact.
Trade patterns.
Trade relationships.
Unemployment rate.
Unemployment rates.
Vector autoregression.
Volume of trade.
Czech Republic.
Slovak Republic.
Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro will entail major economic change. This paper examines likely economic developments and policy challenges for the five former transition countries in central Europe--the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia--that joined the European Union in May 2004 and operate under independent monetary policies but have not yet achieved policy convergence with the rest of the euro area.
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