Exchange rates in Eastern Europe : types, derivation, and application
van Brabant, Jozef M
The purpose of the paper is to explain the policy goals underlying the multiple exchange rate regime of centrally planned economies (CPEs), to clarify the origin and application of the various exchange rates that have been in use in seven of the European CPEs, to set up time series of the most important ones, and to evaluate whether any of these official rates could be used to translate official macroeconomic aggregates of these countries into US dollars. Because the multiple exchange regimes for the transferable ruble and convertible currency trade areas of these countries differ markedly, the paper discusses separately the origin, application significance, and variety of exchange rates used in each type of transaction. It concludes that none of the rates can be applied for a direct conversion of macroeconomic magnitudes in domestic currency into US dollars. However, some of the rates could be applied to various components of the macroeconomic magnitudes.
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