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Lithuania: History and Future of the Currency Board Arrangement:
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Author/Editor: |
Alonso-Gamo, Patricia | Fabrizio, Stefania | Kramarenko, V. | Wang, Qing |
| Authorized for Distribution: |
August 1, 2002 |
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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.
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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.
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Series: |
Working Paper No. 02/127 |
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Subject(s): |
Currency boards | Lithuania | Real effective exchange rates |
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Author's keyword(s): |
Real effective exchange rate | competitiveness | currency board arrangement |
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Published: |
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August 1, 2002 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA1272002 |
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Pages: |
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35 |
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Price: |
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US$15.00
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Price Delivery Note: |
Prepayment required for individual copies. An annual subscription is $375.00 a year. It includes 12 monthly shipments and priority mail delivery. The Stock No. for the subscription is WPEA. |
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