Vybrané problémy v oblasti kurzových režimov
Selected Problems of Exchange rate Regimes

Summary/Abstract: Classification of currency exchange regimes was unnecessary during Bretton-Wood monetary system existence, as member countries implemented the policy of fixed currency exchange rates. In the seventies, however, one started to use a relatively large number of exchange rate regime variations, and thus it was necessary to start classifying exchange rate regimes used by IMF member countries. The classification of exchange rate regimes was published in 1975 for the first time, and exchange rate regimes were allocated into several groups by the degree of currency exchange rate elasticity. This classification was used practically without any change for 14 years. Categories used in this classification follow: * fixed currency exchange rates (exchange rate related to one currency, or exchange rate related to currency basket, * currency exchange rates of limited elasticity degree (limited degree of elasticity towards one currency and limited degree of elasticity: co-operation agreement), * floating exchange rates (currency exchange rate with higher degree of elasticity: accommodation considering a group of indicators, and currency exchange rate with a higher degree of elasticity: managed floating). Original classification of currency exchange regimes was adequate during the seventies and eighties. In the course of time one felt more and more clearly many of its insufficiencies. New classification allocates individual exchange rate regimes into categories by the elasticity degrees of currency exchange rates. Exchange rate regimes were allocated by the new classification into the following 8 categories: exchange rate regimes without local currency, currency boards, other current regimes of fixed currency exchange rates, currency exchange rates with linkage and fluctuation margin, crawling pegs, currency exchange rates with central parity regularly adjusted and with fluctuation margin, managed floating without any definition of a future currency exchange rate development, and independent floating.

• Details
• Contents