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Theoretical and Applied Economics
No. 5 / 2013 (582)

Monetary autonomy under different exchange rate regimes in the long-run: the case of seven new EU countries

Southeastern Louisiana University, USA

Abstract. This paper finds that except for Poland, the other six countries possess moderate or significant monetary autonomy in the long run as their interest rates make partial or small adjustments to a change in the Euro area interest rate. Except for the Czech Republic and Poland, the findings support the hypothesis that countries under more flexible exchange rate regimes possess more monetary autonomy than countries under less flexible exchange rate regimes because local interest rates under more flexible exchange rate regimes are less sensitive to a change in the euro area interest rate.

Keywords: exchange rate regimes; monetary autonomy; global transformation of interest rates; Fisher hypothesis.

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