Monetary Policy in Central and Eastern Europe: Lessons After Half a Decade of Transition

September 1, 1996

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David K. H. Begg Monetary Policy in Central and Eastern Europe: Lessons After Half a Decade of Transition, (USA: International Monetary Fund, 1996) accessed October 15, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Balance of payments, Bank credit, Banking, Capital inflows, Exchange rates, Financial services, Foreign exchange, Inflation, Prices, Real exchange rates, Real interest rates

Keywords: Adverse selection, Balance of payments, Baltics, Bank, Broad money, Capital inflows, Central and Eastern Europe, Central bank, Europe, Exchange rate, Exchange rates, Government, Inflation, Nominal exchange rate, Real exchange rates, Real interest rates, Structural adjustment, Transition economy, Western Europe, WP

Publication Details

Pages:

92
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 1996/108
Stock No:

WPIEA1081996
ISBN:

9781451853056
ISSN:

1018-5941

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