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Risks Eventuated from Euro in the Context of Historical Experiences with Monetary Crises
BURIAN Stanislav, SVOBODA Pavel, HŘEBÍK František, BRČÁK Josef
The paper reacts on the actual issue of the development of the European Monetary Union project and enriches the current research in this area by valuable view into the history in specific contexts. Specifically, the text includes analyzed experiences with monetary crises from three countries, which have happened in the past in various places of the world. All of the selected economies realized monetary policy under the conditions of fixed exchange rate regime. Main causes of monetary crises are identified by means of analyses of macroeconomic relation; especially the problem of realizing monetary policy in system of the fixed exchange rates is accented. The last part of the paper contains a comparison of discovered facts. These facts imply about general unsuitability of fixed exchange rate regime in open economies.
Keywords: Economic risks, comparative analyses, exchange rate regime, monetary crisis, exchange rate, optimum currency area.