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Full-Text Articles in International Economics
Monetary And Fiscal Policy In Poland During The Eu Accession, Lucjan Orlowski
Monetary And Fiscal Policy In Poland During The Eu Accession, Lucjan Orlowski
WCBT Faculty Publications
The main objective of this chapter is to review the fiscal and monetary policies of Poland for EU accession and to extract their guiding precepts. Only the most essential aspects of fiscal and monetary convergence are examined, with some attention to institutional convergence. An in-depth analysis of institutional convergence falls beyond the boundaries of this study, as its main focus is on the systemic foundations of macroeconomic stabilization policies during the economic transition and in the course of preparations for EU accession. The chapter also examines policy options for the post-accession macroeconomic policy strategy which will focus on preparations for …
Feasibility And Timing Of The Euro Adoption By The New Eu Member States, Lucjan Orlowski
Feasibility And Timing Of The Euro Adoption By The New Eu Member States, Lucjan Orlowski
WCBT Faculty Publications
The 10 new member states are now facing the challenge of framing and implementing policies for adopting the euro. They are all bound by the EU Treaty to replace their national currencies with the euro at some future time as they were admitted to the Union with a derogation to this effect. In order to prepare adequately for entry to the euro area, the candidates need to undergo fiscal and monetary convergence. In principle, they should refrain from lax fiscal policies that could skew the eurozone policy mix by forcing the European Central Bank (ECB) to tighten monetary policy. They …
A Dynamic Approach To Inflation Targeting In Transition Economies, Lucjan T. Orlowski
A Dynamic Approach To Inflation Targeting In Transition Economies, Lucjan T. Orlowski
WCBT Faculty Publications
This study views inflation targeting as a viable monetary regime for more advanced transition economies. A dynamic approach to the trajectory of disinflation and to the flexibility of direct inflation targeting is presented in the context of achieving monetary convergence to the EU/AMU. The candidate countries are advised to begin from strict inflation targeting and to follow with a more flexible inflation targeting regime before they establish a necessary ‘foundational credibility’ and monetary stability. These steps, ultimately followed by a euro-peg, are necessary in preparing for accession to the eurozone. The early experiences of the Czech Republic and Poland with …