Jsou měnové krize nákladné? Případ střední a východní Evropy v letech 1993-2000

The paper focuses on the effect of currency crises on economic performance in central and eastern Europe. First, we provide some stylized facts in line with literature on currency-crisis indicators. Subsequently, we strive to assess the relevance of deterioration in current-account balance as an indicator of currency crisis. We estimate the investment and the growth equation to explore the relative significance of indirect and direct effects of currency crises on growth. We do so for two scenarios, fist assuming only a short-term effect of a currency crisis on growth, and second assuming the effect to last to the end of the sample. We find that both channels have significant influence, which is generally consistent with similar analyses pertaining to Latin America and East Asia.