Korneeva J. Mechanism of Interaction of the Monetary and Exchange Rate Policy in Central and Eastern European Transition Countries.

The dissertation investigates the mechanism of interaction of the monetary and exchange rate policy in Central and Eastern European transition countries. Problems that are under consideration in this paper are proved by different scientific theories, works of domestic and foreign researchers. Empirical results of the econometric estimation of the effectiveness of the main transmission channels of the monetary policy in CEE countries show that the fixed exchange rate system is not suitable for providing independent monetary policy. The main consequent of empiric testing is that the floating exchange rate system creates conditions for providing independent monetary policy; such situation will allow resisting against impact of external shocks and will create conditions for the growth of real economy.