Macroeconomic Conditions and Import Surcharges in Selected Transition Economies

May 1, 1999

Preview Citation

Format: Chicago

Piritta Sorsa. Macroeconomic Conditions and Import Surcharges in Selected Transition Economies, (USA: International Monetary Fund, 1999) accessed December 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

Analysis on macroeconomic determinants of protection in the Czech and Slovak Republics, Hungary, and Poland, while subject to many caveats, suggests that appreciation of the real exchange rate was the main macroeconomic determinant of trade policy reversals in the 1990s. This suggests that balance of payments difficulties may have been used as an excuse for protection. The analysis also suggests that greater exchange rate flexibility and tighter fiscal policies could have been used instead of import surcharges to deal with external imbalances. The surcharges may only have aggravated the external balance by slowing down exports and restructuring of production.

Subject: Financial services, Fiscal policy, Foreign exchange, Imports, International trade, Real exchange rates, Real interest rates, Trade policy

Keywords: Exchange rate, Exchange rate appreciation, Exchange rates, Import surcharge, Imports, Monetary policy, Policy mix, Real exchange rates, Real interest rates, Trade liberalization, Trade policy, Trade policy reversal, Trade policy stance, WP

Publication Details

Pages:

23
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1999/062
Stock No:

WPIEA0621999
ISBN:

9781451848274
ISSN:

1018-5941

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