Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/88203
Authors: 
Belke, Ansgar
Vogel, Lukas
Year of Publication: 
2012
Series/Report no.: 
ROME Discussion Paper Series 12-06
Abstract: 
This paper examines the contemporaneous relationship between the exchange rate re-gime and structural economic reforms for a sample of CEEC/CIS transition countries. We investigate empirically whether structural reforms are complements or substitutes for monetary commitment in the attempt to improve macroeconomic performance. Both EBRD and EFW data suggest a negative relationship between flexible exchange rate arrangements and external liberalization. Another finding from the EFW sample is that economic libera-lisation has tended to be stronger under better macroeconomic funda-mentals, suggesting that the impact of good macroeconomic conditions as facilitating structural reforms outweighs countervailing effects in the sense of lower reform pres-sure.
Subjects: 
Exchange rate regime
structural reform
panel data
political economy of reform
transition countries
JEL: 
D78
E52
E61
F36
Document Type: 
Working Paper

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