Monetary Policy In Transition
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Central Banking Monetary Policies And The Implications For Transition Economies
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Author : Mario I. Blejer
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Central Banking Monetary Policies And The Implications For Transition Economies written by Mario I. Blejer and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
the adaptation of the institutional settings of monetary policy to deal with an emerging market economy had to be carried out in the midst of an unprecedented stabilization effort and, therefore, was particularly urgent and complicated. In many of the transition countries, the transformation effort implied not just changes in procedures but the establishment of a central bank from scratch, a process that involved an important effort, precisely at a time when the whole system was in serious turmoil. While the process of reforms is not yet completed in all the transition countries, an immense amount of progress has been achieved, and many of the transition countries face today monetary and central banking conditions that are close to those of Western economies. In this volume, we collect a number of important contributions that discuss the most burning aspects of the current debates on central banking and monetary policy and draw implications for the postsocialist transition economies. The various papers included in the volume deal with a broad set of related issues, which are highly relevant not just for transition economies but for other emerging markets and for advanced economies as well. The subjects covered in the book are divided into seven major categories (Sections II to VIII), some of which overlap.
Monetary Policy During Transition
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Author : Martha De Melo
language : en
Publisher: World Bank Publications
Release Date : 1997
Monetary Policy During Transition written by Martha De Melo and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with categories.
Central Banking In Transition Countries
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Author : Mr.Helmut Wagner
language : en
Publisher: International Monetary Fund
Release Date : 1998-08-01
Central Banking In Transition Countries written by Mr.Helmut Wagner and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-08-01 with Business & Economics categories.
In the 1990s, the issues of central banking and central bank independence have gained increasing attention, in part owing to the role of the future European central bank, but also owing to the emergence of transition countries and the role of central banks in these countries. The main focus of the paper is on the preconditions of disinflation and successful stability policy in transition countries, paying special attention to the institutional requirements and to the choice of nominal anchors.
Monetary And Exchange Rate Policy Of Transition Economies Of Central And Eastern Europe After The Launch Of Emu
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Author : Mr.Paul R. Masson
language : en
Publisher: International Monetary Fund
Release Date : 1999-07-01
Monetary And Exchange Rate Policy Of Transition Economies Of Central And Eastern Europe After The Launch Of Emu written by Mr.Paul R. Masson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-07-01 with Business & Economics categories.
The more advanced Central and Eastern European Countries (CEECs) face an evolving set of considerations in choosing their exchange rate policies. On the one hand, capital mobility is increasing, and this imposes additional constraints on fixed exchange rate regimes, while trend real appreciation makes the combination of low inflation and exchange rate stability problematic. On the other hand, the objectives of EU and eventual EMU membership make attractive a peg to the euro at some stage in the transition. The paper discusses these conflicting considerations, and considers the feasibility of an alternative monetary framework, inflation targeting.
Monetary Policy During Transition An Overview
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Author : Martha Melo
language : en
Publisher:
Release Date : 1999
Monetary Policy During Transition An Overview written by Martha Melo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
January 1997 In transition economies monetary stability goes hand in hand with adjustment in the real sectors. Subsidies and central bank support of public enterprises to help maintain employment and output are ultimately financed by creating money, reducing the options for market-based monetary policy regardless of how market-oriented the monetary system. De Melo and Denizer examine monetary policy in 26 transition countries in Europe and Central Asia from 1989 to 1995. In a socialist economy money and credit are largely determined as a residual. In a market economy monetary policy plays an active role in economic management and economic efficiency is believed to be improved by variety and sophistication in financial instruments. De Melo and Denizer classify these 26 countries by the extent of market orientation in the use of instruments of monetary policy, by indicators of policy stance, and by broad measures of effectiveness. They evaluate these three dimensions by cross-country comparison over the transition period and at the time of stabilization. They find several clear patterns. By the end of 1994 slightly fewer than half the countries were relying mainly on market-oriented monetary instruments. More than half exhibited low to moderate reliance on them. Countries that quickly formulated a monetary policy response after the break from central planning were more likely to switch to market-oriented instruments. Central and Eastern European countries moved more rapidly than countries of the former Soviet Union toward these instruments. The use of credit ceilings was helpful in the year of stabilization, especially in the Central and Eastern European countries. The elimination of credit controls was associated with effective stabilization. Policy stance, as measured by base money growth and the real discount rate, was effective in helping to reverse undesirable inflation and disintermediation trends. But the relationship between effectiveness and market orientation of monetary policy instruments is less clear. Financial depth is associated with the elimination of credit ceilings and the development of markets for government paper, and inflation is associated with the elimination of directed credit and the establishment of a market-oriented refinancing window. The overall index of the market orientation of monetary policy instruments is negatively related to inflation, but the direction of causality is unclear. On balance, inflation control and financial depth seem to be more directly related to policy stance, which is in turn related to broader structural reform. Monetary stability goes hand in hand with adjustment in the real sectors. Subsidies and central bank support of public enterprises to help maintain employment and output are ultimately financed by creating money, reducing the options for market-based monetary policy regardless of how market-oriented the monetary system. This paper - a product of the Public Economics Division and the Macroeconomics and Growth Division, Policy Research Department - is part of a larger effort in the department to provide a comparative overview of the progress in transition from a planned to a market economy.
Monetary Policy In Transition
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Author : Olivier Basdevant
language : en
Publisher:
Release Date : 2005
Monetary Policy In Transition written by Olivier Basdevant and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Monetary policy categories.
Monetary Policy In Transition
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Author : M. Nikolic
language : en
Publisher: Springer
Release Date : 2006-06-16
Monetary Policy In Transition written by M. Nikolic and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06-16 with Business & Economics categories.
This book explores the disastrous economic consequences of pseudo lending for pseudo reforms that occurred when the IMF, as a representative of the West, pretended to aid the transition economy of post-communist Russia through stabilization while the Russian government promised reforms.
Monetary Policy In Transition
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Author : Mr.Torsten Sloek
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-01-01
Monetary Policy In Transition written by Mr.Torsten Sloek and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-01-01 with Business & Economics categories.
This paper analyzes monetary policy in transition. It examines the dynamics of monetary policy in Mongolia using granger-causality tests for monetary variables and inflation. The paper also analyzes money demand using data from 22 Mongolian regions during 1993-1998. The analyses confirm the key role of monetary policy in stabilization and reveal that even in a transition economy as rudimentary as Mongolia, a stable money demand and a predictable relationship between inflation and monetary variables do exist. Hence market-based monetary policy is effective. In addition, the analysis points to a difference between transition and industrial economies in the elasticity of money demand with respect to activity, reflecting the larger role for transactions demand for money.
Monetary Policy In Central And Eastern Europe
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Author : Mr.David K. H. Begg
language : en
Publisher: International Monetary Fund
Release Date : 1996-09-01
Monetary Policy In Central And Eastern Europe written by Mr.David K. H. Begg and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-09-01 with Business & Economics categories.
The paper uses data from transition economies in Central and Eastern Europe to assess four questions: (i) Did the standard blueprint for stabilization work, and was it implemented? (ii) To what extent was normal macroeconomics impeded by solvency problems in banks, and how successful have been policies to improve incentives within banks? (iii) Could financial markets and other infrastructure for monetary policy have been developed more quickly? (iv) How should transition economies respond to the monetary inflows that typically accompany success? The paper concludes by evaluating the changing advice offered by external agencies during the 1990s.
Central Banking Technical Assistance To Countries In Transition
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Author : Ms.Susana Almuina
language : en
Publisher: International Monetary Fund
Release Date : 1995-12-15
Central Banking Technical Assistance To Countries In Transition written by Ms.Susana Almuina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-12-15 with Business & Economics categories.
This book, edited by J.B. Zulu, Ian S. McCarthy, Susana Almuiña, and Gabriel Sensenbrenner, presents the proceedings of the special Joint Meetings on Central Banking Technical Assistance held in St. Petersburg, Russia in 1994, and provides detailed information on important issues in central banking, including a comparative sample of 31 countries. The arrangements concerning such issues as the size and composition of the policymaking board, the role of the central bank in monetary and exchange rate policy, resolution of conflict between the central bank and the government, public accountability, relations with the markets, and credit to the government are reviewed.