TRADIČNÍ TEORIE MĚNOVÉHO KURZU V PODMÍNKÁCH EKONOMICKÉ TRANSFORMACE

The paper contains a specific exchange rate model in the long run for the transitive economies where the key postulates of the established models such as Purchasing Power Parity, Uncovered Interest Rate Parity Condition and Monetary Approach seem to be slightly modified. The model is based on so called 'convergence gap' which is determined by number of the real factors both quantitative and qualitative. Under the conditions of the transitive economies the exchange rates are systematically deviated from the parity. The deviation is a function of the convergence gap. The exchange rate of transitive economy is therefore function of convergence gap, domestic price level and foreign price level. Since the convergence gap generally reflects the institutional structure of economy, the exchange rate is also function of the legal and institutional aspects. The theoretical consequences and the practical implications of this definition are discussed in the presented article.