We analyse welfare effects of the interactions between the tax system and inflation in Poland and in Ukraine, using the framework developed by Feldstein (1997, 1999). This approach stresses the fact that inflation increases distortions created by the tax system, in particular distortions to...

We apply Feldstein's (1997, 1999) analysis of the interactions between the tax system and inflation to two transition economies: Poland and Ukraine. We find that the taxrelated costs of inflation in these countries are significantly smaller than in mature market economies. Our analysis points...

This study investigates the HBS effect in a panel of nine CEECs during 1993:Q1-2003:Q4 (unbalanced panel). Prior to estimating the model, we analyze several key assumptions of the model (e.g. wage equalisation, PPP and sectoral division) and elaborate on possible consequences of their failure to...

This paper attempts to assess the degree to which CEE candidate countries fulfill Optimal Currency Area criteria set out in the literature. The literature review provided focuses on the seminal contributions of Mundell (1961) and McKinnon (1963) and later evolution of the theory as well as...

This volume presents six monographs of currency crisis episodes in two Latin American countries in 1994-1995 (Mexico and Argentine) and four Asian countries in 1997-1998 (Thailand, Malaysia, Indonesia, and Korea). The Asian part of this volume is supplemented with a short comparative note,...

This paper attempts to confront various theoretical and empirical approaches to the East Asian currency crisis in 1997, but also with emphasis on two recently dominated literature about East Asian financial crisis. One, strongly supported by Corsetti, et. al (1998) stresses fundamental...

In this paper we investigate the effects of EU enlargement on price convergence. The internal market is expected to boost integration and increase efficiency and welfare through a convergence of prices in product markets. Two principal drivers are crucial to explain price developments. On the...

The author evaluates how much relative price shifts affected inflation in Poland between 1989 and 1997. He uses a theoretical model that predicts a positive relationship between variance and skewness in the distribution of relative price changes and the general inflation rate. Regressions...

This paper investigates the effects of EU enlargement on price convergence. The internal market is expected to boost integration and increase efficiency and welfare through a convergence of prices in product markets. Two principal drivers are crucial to explain price developments. On one hand,...

Credibility of an exchange rate policy is one of the most important factors contributing to success or failure of any stabilization program. Authorities usually hope that the public will trust official exchange rate commitments and take decisions regarding domestic currency holdings accordingly....