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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Contents
- Early warning models of financial distress. Case study of the Romanian firms listed on RASDAQ
Mădălina Ecaterina ANDREICA
- Innovation: a path to competitiveness
and economic growth.
The case of CEE countries
Ioan Radu PETRARIU
Robert BUMBAC
Radu CIOBANU
- Education for sustainability – a prerequisite
for post-crisis economic competitiveness
with possible inference for Romania
Camelia Iuliana LUNGU
Chirața CARAIANI
Cornelia DASCĂLU
- A regional model for labour demand
in Romania
Paul Costel ROTARU
- Robustness of public choice
models of voting behavior
Mihai UNGUREANU
- The evolution of sovereign wealth funds and their
influence in the global economy.
The case of China
Ioana-Iulica MIHAI
- The customers borrowing behavior
during the financial crisis
Alina LUCA (BRĂTUCU)
- Foreign direct investment and economic growth
in Romania
Camelia MORARU
- The image of the economic institutions
in the context of global economy
Laurențiu Gabriel FRÂNCU
