Ryzyko kursowe w wybranych krajach Europy Środkowo-Wschodniej podczas kryzysu w latach 2008–2011
Foreign exchange risk in selected countries of Central and Eastern Europe during the crisis in 2008–2011
Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, 2013, vol., nr 103, s. 79-90
Exchange rate risk can be the source of both the extraordinary losses and gains. Hedge against exchange rate risk requires knowledge and cost. The exchange rate risk depends on the exchange rate regime. Among 10 members of the European Union in Central and Eastern Europe, four countries used af floating exchange rates (Poland, Hungary, Romania and the Czech Republic), the other six countries have fixed exchange rate system or has been a common currency – the euro. In the group of countries most affected by the exchange rate risk is Poland, to a lesser extent, this applies to Hungary, Romania and the Czech Republic. However, in the countries with a fixed exchange rate or a common currency, risk of changes in the euro/national currency does not exist. There was no significant effect of the exchange rate regime on the exports stability and imports stability. Average volatility of exports and imports of countries with floating and fixed exchange rate is at a similar level.