ALTERNATIVE MONETARY REGIMES IN ENTRY TO EMU

CONTENTS
List of contributors
Foreword
Vahur Kraft, Governor of the Bank of Estonia

PART I
MONETARY REGIMES IN SMALL OPEN ECONOMIES

Exchange Rate Regimes and Monetary Policy in Small Open Economies
Philip R. Lane

Monetary Policy Strategies for Emerging Market Countries: The Case of the East European Accession Countries
Michael B. Devereux

Inflation Persistence Uncertainty: Should It Influence Your Choice of Monetary Policy Strategy?
Kai Leitemo

PART II
ALTERNATIVES FOR ACCESSION COUNTRIES

Exchange Rate Policies for the Transition to EMU
Peter Bofinger and Timo Wollmershäuser

An Empirical Analysis of Monetary Policy Choices In the Pre-Accession Period
Ray Barrell and Dawn Holland

Convergence from Inflation Targeting to Euroisation
Lucjan T. Orlowski

Unilateral Euroisation: A Suitable Road Towards Joining the Euro Area For Central and Eastern European EU Accession Countries?
Peter Backé and Cezary Wójcik

PART III
CURRENCY BOARD PRIOR TO THE THIRD STAGE OF EMU

Currency Boards on the Way to Monetary Unions: The Doubly Unplanned Case of Hong Kong
Shu-ki Tsang

Another Look at Currency Board Arrangements And Hard Exchange Rate Pegs for Advanced EU Accession Countries
Anne-Marie Gulde-Wolf and Peter Keller

Combining the Incompatibles: Fixed Exchange Rate, Liberalisation And Financial Development in Estonia
Pekka Sutela

The History and Sustainability of the CBA in Estonia
Urmas Sepp, Raoul Lättemäe and Martti Randveer

A Currency Board Arrangement versus Alternative Exchange Rate Regimes in Estonia
Urmas Sepp and Martti Randveer

Conclusion
The Monetary and Exchange Rate Regime on the Way to Accession and EMU
David G. Mayes