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Since beginning economic transition, the Czech Republic, Estonia, Hungary, Poland, and Slovenia have—with much success—employed diverse exchange rate regimes. As these countries approach EU accession, they will need to avoid the perils of too much or too little exchange rate variability when capital flows are likely to be large and volatile; narrow band arrangements in particular could be problematic. The exception is Estonia, where there are good arguments for retaining the currency board arrangement. Countries wishing to join the euro area at an early stage should not leave the removal of remaining capital controls to the last minute.

Foreign Exchange --- Inflation --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Monetary Policy --- Central Banks and Their Policies --- International Monetary Arrangements and Institutions --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Price Level --- Deflation --- Currency --- Foreign exchange --- Macroeconomics --- Exchange rates --- Exchange rate arrangements --- Exchange rate flexibility --- Exchange rate policy --- Prices --- Czech Republic

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This paper studies the impact effect of monetary policy shocks—identified by the reaction of three month market interest rates to policy announcements—on the exchange rate in Australia, Canada, and New Zealand during the 1990s. The main results are that (1) on average, a 100 basis point contractionary shock will appreciate the exchange rate by 2-3 percent on impact; (ii) seemingly “perverse” reactions of the exchange rate to monetary policy are mainly attributable to reverse causality; (iii) in a few instances, there were true “perverse” reactions of exchange rates to policy— generally, appreciations following expansionary shocks.

Banks and Banking --- Foreign Exchange --- Investments: General --- Money and Monetary Policy --- Monetary Policy --- Central Banks and Their Policies --- Open Economy Macroeconomics --- Development Planning and Policy: Trade Policy --- Factor Movement --- Foreign Exchange Policy --- Interest Rates: Determination, Term Structure, and Effects --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment --- Capital --- Intangible Capital --- Capacity --- Currency --- Foreign exchange --- Banking --- Monetary economics --- Macroeconomics --- Exchange rates --- Exchange rate policy --- Central bank policy rate --- Currencies --- Depreciation --- Financial services --- Money --- National accounts --- Interest rates --- Saving and investment --- New Zealand

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This report, commissioned by the Executive Board, was prepared by a committee of academic economists. The report assesses the appropriateness of current research activities, the quality and added value of the IMF's economic research and its utility in the IMF among its member countries and within the wider economics community. This publication also includes responses to the report by the IMF's staff, Managing Director, and Executive Board.

AA / International- internationaal --- 330.2 --- 333.432.8 --- Economics --- -International finance --- -332.152 --- International monetary system --- International money --- Finance --- International economic relations --- Economic theory --- Political economy --- Social sciences --- Economic man --- Economische analyse en research. Theorie van de informatie. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- Research --- -Evaluation --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Evaluation. --- International finance --- Economie politique --- Finances internationales --- Evaluation --- Recherche --- 332.152 --- Research&delete& --- Economische analyse en research. Theorie van de informatie --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- IMF --- Finance: General --- Macroeconomics --- Money and Monetary Policy --- Taxation --- Economic Development --- Industries: Financial Services --- Foreign Exchange --- Labor Economics: General --- Development Planning and Policy: General --- Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Taxation, Subsidies, and Revenue: General --- Financial Institutions and Services: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Labour --- income economics --- Development economics & emerging economies --- Monetary economics --- Public finance & taxation --- Currency --- Foreign exchange --- Labor --- Development policy --- Inflation targeting --- International capital markets --- Tax incentives --- Development --- Monetary policy --- Financial markets --- Financial sector --- Economic sectors --- Money --- Labor economics --- Economic development --- Capital market --- Financial services industry --- Korea, Republic of