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Lithuania: History and Future of the Currency Board Arrangement:

Author/Editor: Alonso-Gamo, Patricia | Fabrizio, Stefania | Kramarenko, V. | Wang, Qing
Authorized for Distribution: August 1, 2002
Electronic Access: Free Full Text (PDF file size is 1,263KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The paper examines the evolution of the institutional setup of Lithuania's Currency Board Arrangement (CBA) and competitiveness from 1994 through 2001, with a view to determining the resilience of the Lithuanian CBA to external shocks in 2002-03. First, several indicators of competitiveness are analyzed in the context of productivity gains and flexibility of the labor market and prices are considered. Then, the equilibrium exchange rate and misalignments of the actual rate from it are estimated in a cointegration framework. The paper concludes that, under current policies, the CBA would be able to cope with sizable external shocks during 2002-03 provided supporting policies remain in place.
 
Series: Working Paper No. 02/127
Subject(s): Currency boards | Lithuania | Real effective exchange rates
Author's keyword(s): Real effective exchange rate | competitiveness | currency board arrangement
 
English  
    Published:   August 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1272002   Pages:   35
    Price:   US$15.00
       
     
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