CONSEQUENCES OF EMPLOYING DIFFFFERENT EXCHANGE RATE REGIMES IN THE SITUATION OF FINANCIAL CRISIS ON THE EXAMPLE OF CENTRAL-EASTERN EUROPEAN COUNTRIES

It is characteristic for the countries of Central-Eastern Europe to employ a great variety of exchange rate regimes: by resigning from their own currency and participating in monetary unions through the systems of currency board arrangement; by employing the systems of conventional fixed pegged arrangements; and by the floating systems. In the situation of global financial crisis and liberalization of capital flow in the Central-Eastern Europe countries profits and dangers of using certain solutions in the scope of exchange rate are clearly visible. The aim of this paper is to present theoretical profits and costs of utilizing various kinds of exchange rate regimes and their consequences for the autonomy of monetary policy. The paper also compares contemporary economical situation of the Central-Eastern European countries, what allows the author to indicate those countries, where the limitations stemming from the accepted system of exchange rate had negative consequences for the condition of their economy in general.