Globalny kryzys finansowy a koszty utraty autonomii monetarnej w wybranych krajach Europy Środkowo-Wschodniej
Global Financial Crisis and Costs of Losing the Independent Monetary Policy in the Selected Central and Eastern European Countries

Summary/Abstract: The results of econometric estimation indicate that in the last few years the sensitivity of the exchange rates of the CEE-4 countries (Czech Republic, Poland, Romania and Hungary) to domestic business cycles decreased towards a relatively high influence of the global factors. It indicates that the cost of losing the monetary autonomy after the euro adoption in those countries may be lower than it had been assessed before the global financial crisis. Such conclusion should be considered in the further research on the net benefits of monetary integration between the CEE-4 countries and the Eurozone.

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