We document the transmission of monetary policy and risk-premium shocks in Hungary, by
applying recent advances in the Bayesian estimation of large VAR models. The method …

This article first considers why central European countries wish to join EMU soon. The main
reasons are the risk of macroeconomic instability they face outside the euro zone if they wish …

After the EU accession, the new member states (NMS) are actively considering when to join
the EMU. Unlike Britain and Denmark the NMS will not have an 'optout'-the right to remain …

The new member states (NMS) of the EU will have to decide when and how to join the
Economic and Monetary Union (EMU). The question 'how'includes the desired path to …

1 It may be the case that a certain minimum level of income is required for a society to be
able to support various sophisticated institutions, such as advanced forms of banking …

This paper aims at clarifying the interactions between the choice of the exchange rate
regime prior to the ERM-2 as well as various modes of ERM-2 itself, on the ease of fulfilling …

The Leverage effect, as the asymmetric effects of exchange rate volatility, is a condition in
which bad news will cause the exchange rate to depreciate, meanwhile good news will not …

All new member states will have to decide not only on when, and on what terms (exchange
rate) to join the EMU, but also on how to do it. Leaving political dilemmas aside, the question …

The paper was prepared within the research project entitled: Strategie przystąpienia do
Europejskiej Unii Gospodarczej i Walutowej: analiza porównawcza możliwych scenariuszy …