Валютная политика Центрального банка: степень вмешательства в процесс курсообразования и последствия для экономики
Demyanova E.A. SPAIN IN THE EU: RESULTS. This article is devoted to studying of the results of Spain's accession to the European Union. The research is based on investigation of gradual integration of Spain in the carrying out of the main EU policies, such as: fiscal, monetary, foreign trade and foreign exchange, and estimation of how this affected the Spanish economy. As a result of realized analysis the following conclusion can be made - the participation in EU policy has helped Spain to deal with many problems that existed for a long time and leaded to stabilizing economic growth rates.
After the collapse of the crawling peg exchange rate regimes during the Emerging markets crisis in the late 90's, the so-called «hollowing out of the middle ground» view of exchange rate regimes gained ground. For example, Fischer (2001) argued that intermediate exchange rate regimes are crisis-prone and not viable over long periods of time. In accordance with this intellectual trend, a number of countries (Brazil, Korea, Mexico, the Philippines and Turkey) de jure adopted floating exchange rate policies. Nevertheless, Calvo and Reinhart (2002) have pointed out that the central banks of these countries often de facto manage their exchange rates and accumulate a large «war chest» of foreign currency reserves, a phenomenon they call «fear of floating».