Currency convertibility, policy credibility and capital flight in Poland and the Czech and Slovak Federal Republic

Research output: Chapter in Book/Report/Conference proceedingChapter


This chapter considers some aspects of exchange rate policy for formerly centrally planned economies during their transition to “market economies.” In particular, the relationship between (currency) convertibility, capital outflows (flight) and policy credibility is examined. These factors are mutually related, and their interaction is highlighted by focusing on the experiences of Poland and the (ex) Czech and Slovak Federal Republic. 1 These countries are in the vanguard of emerging market economies and their experience provides a basis for policy recommendations for emerging market economies at an earlier stage in their transitions. The analysis also allows for discussion of the speed at which the emerging market economies could move to a fully convertible currency.

Bibliographic note

Original imprint - Routledge, first published 16 October 1997


Original languageEnglish
Title of host publicationCapital Controls in Emerging Economies
EditorsChristine P Ries
Publication statusPublished - 23 Feb 2018

ASJC Scopus subject areas