The May 1997 currency crisis in the Czech Republic

TitleThe May 1997 currency crisis in the Czech Republic
Publication TypeJournal Article
AuthorsHorváth, J.
Journal titlePost-Communist Economies
Pages277 - 298

This article discusses some issues related to the Czech currency crisis in May 1997. First, it evaluates the role of different factors which were linked with the crisis. These include the role of monetary and fiscal policy, current account deficit, real exchange rate appreciation, slower growth, political instability as well as possible contagious effects. The second part describes how the crisis evolved, what defence was used by the central bank, and how the pegged regime was abandoned and replaced by the managed float.


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Department of Economics and Business
Department of International Relations