CEU Electronic Theses and Dissertations, 2009
| Author | Batsaikhan, Uuriintuya |
|---|---|
| Title | Divergent Paths of Inflation Stabilization: The Role of Currency Board Arrangements (CBAs) Case Comparison of Estonia and Poland |
| Summary | This thesis presents an analysis of the diverging trends in the macroeconomic stabilization processes in two transition countries, Poland and Estonia. It will argue that in the case of Estonia, a short-cut stabilization measure was overtaken, whereas Poland opted for a gradual evolutionary approach. In doing so, the paper will examine and outline the role of the Currency Board Arrangement (CBA) in the stabilization process as well as list the advantages and disadvantages of the regime when applied to a transition economy. Furthermore, the thesis will present the arguments on the benefits of the gradual, evolutionary institutional approach that was successfully employed in the stabilization process in Poland. Subsequently, a conclusion will be drawn, that first, the currency board arrangement coupled with hyperliberalization and neglect for the structural changes in part of the authorities resulted in de-stabilization of the Estonian economy, second, structural changes and institution-building measures served as a catalyst in the stabilization process in the Polish case and finally, gradual institutional change that occurred in Poland proves to be a more effective strategy in stabilizing the macroeconomic performance. |
| Supervisor | Laszlo Csaba |
| Department | International Relations MA |
| Full text | https://www.etd.ceu.edu/2009/batsaikhan_uuriintuya.pdf |
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