INTEGRACJA FINANSOWA I JEJ WPŁYW NA EWOLUCJĘ SYSTEMÓW KURSOWYCH

Abstract

This article aims to analyze whether and to what extent financial integration affects the choices of exchange rate systems, made in advanced economies and emerging and developing economies. The study revealed that the process of harmonization of exchange rate systems in advanced economies and emerging and developing economies has been hampered by differentials in the process of financial integration in these economies. Advanced economies, which have achieved a higher degree of financial integration, are attracting the bulk of international capital. The situation is opposite in emerging and developing economies. The volume of capital flowing to and from these economies is much smaller; these flows are also subject to very strong fluctuations. That’s why the monetary authorities in emerging and developing economies do not pick up corner solutions concerning the exchange rate regime. They use interim regimes, treating them as a buffer against excessive volatility of the market exchange rate that protects the autonomy of the monetary policy.