出版社：Institut für Volkswirtschaftslehre, Univ. Hohenheim
摘要：In the academic literature some criteria have been identified which could have
an impact on the success of the transition process, such as macroeconomic
stability, microeconomic restructuring and implementation of legal and
institutional reforms. The role of the exchange rate system in general is
to foster the stability of the monetary environment characterized by low
inflation rates and a stable domestic currency. Although the importance of a
sustainable price-level oriented monetary policy for the transition-success has
been stressed in the academic literature, there are still further questions to
be answered related to the choice of the exchange rate system throughout the
different phases of the transition process. This paper intends to contribute to
close this gap in the literature. The guiding research question is how the
choice of an exchange rate system influences the economic success of a country
in transition and its gradual integration within the European Union (EU) and the
European Monetary Union (EMU). For this purpose, the study focuses on the
transition process of South-eastern Europe (SEE). In particular and for the
first time in a joint study, we will take a look at the following South-eastern
European Countries (SEECs), often referred to as the West Balkans : Bosnia and
Herzegovina (BiH), Croatia, Former Yugoslav Republic of Macedonia (FYRM), Serbia
and Montenegro, as these five countries share certain common characteristics:
they were part of the Former Yugoslav Republic (FYR); they are countries in
transition; they are members of the Stability Pact for South-eastern Europe and
they are all potential EU-accession candidates.
