Interest Rate Policy in Central and Eastern Europe
Interest Rate Policy in Central and Eastern Europe

Author: Mr.Adam Bennett

Publisher: International Monetary Fund

Published: 1992-09-01

Total Pages: 38

ISBN-13: 1451848943

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Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrument for this task has been administrative increases in controlled interest rates. This paper examines the effect of these adjustments on inflation, the real interest rate and the exchange rate. It points out the risk that when financial discipline over enterprises is weak raising nominal interest rates may do little more than raise credit growth, the rate of depreciation and ultimately inflation. Simulations attempt to shed light on the importance of these linkages.

Interest Rate Policy in Central and Eastern Europe
Interest Rate Policy in Central and Eastern Europe

Author: Adam Bennett

Publisher:

Published: 2006

Total Pages: 38

ISBN-13:

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Interest rate policy in the newly reforming Central and Eastern European countries has generally been geared toward establishing positive real interest rates and defending the exchange rate. The principal instrument for this task has been administrative increases in controlled interest rates. This paper examines the effect of these adjustments on inflation, the real interest rate and the exchange rate. It points out the risk that when financial discipline over enterprises is weak raising nominal interest rates may do little more than raise credit growth, the rate of depreciation and ultimately inflation. Simulations attempt to shed light on the importance of these linkages.

Monetary Policy in Central and Eastern Europe
Monetary Policy in Central and Eastern Europe

Author: Mr.David K. H. Begg

Publisher: International Monetary Fund

Published: 1996-09-01

Total Pages: 92

ISBN-13: 145185305X

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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.

Financial Reforms in Eastern Europe
Financial Reforms in Eastern Europe

Author: Kanhaya Gupta

Publisher: Routledge

Published: 2006-08-21

Total Pages: 285

ISBN-13: 1134706618

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This book presents a model which simulates the effects of financial reforms in transitional economies, which is then applied to Poland for a variety of policy simulations. The authors develop models for households, commerical banks and firms, expanding their enquiry into the government sector, the central banking sector, the external sector and finally the supply side. These sub-sector models explicitly incorporate institutional features specific to the Polish economy. The estimated model is used to simulate the effects of a wide array of financial policies introduced in Poland, and these results are then used to assess the effectiveness of the policies analyzed. This timely and authoritative study sheds new light on how a country's overall economic system responds when it pursues a 'big-bang' approach to marketization.

Implications of EMU for Exchange Rate Policy in Central and Eastern Europe
Implications of EMU for Exchange Rate Policy in Central and Eastern Europe

Author: Mr.George Kopits

Publisher: International Monetary Fund

Published: 1999-01-01

Total Pages: 42

ISBN-13: 1451842570

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In view of the requirements of Stage 2 of European Monetary Union (EMU) for accession to the European Union, this paper examines the desirability for, and the ability of, the lead candidates in Central and Eastern Europe to participate in the new exchange rate mechanism (ERM2) and eventually in EMU. For most of these countries the benefits are likely to outweigh the cost of participation. After successfully meeting the basic conditions (wage flexibility, prudent fiscal and monetary stance, financial system soundness) for ERM2, each candidate should be able to shadow the euro, with sufficient flexibility around the central rate, prior to formal participation. The paper concludes with a discussion of two policy dilemmas.

The New Europe: Evolving Economic and Financial Systems in East and West
The New Europe: Evolving Economic and Financial Systems in East and West

Author: D.E. Fair

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 430

ISBN-13: 9401117411

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The papers collected in this volume are those presented at the seventeenth Collo quium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Berlin in October 1992. The Society is supported by a large number of central banks and commercial banks, by other fmancial and business institutions and by personal subscriptions from academics and others interested in monetary and fmancial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloqu~ for which volumes of the collected papers were published are noted on the last page of this volume.

Central Banking in Eastern Europe
Central Banking in Eastern Europe

Author: Barry Harrison

Publisher: Routledge

Published: 2003-09-02

Total Pages: 396

ISBN-13: 1134736924

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This book, written by a multinational team of experts, explores the changing face of central banking in Eastern Europe in the light of modern macroeconomic thinking, providing important and novel insights into the design of monetary policy institutions. With its authoritative content, this book will interest students and academics involved with money and banking, macroeconomics and Eastern European studies. Professionals working for financial institutions will also find plenty that will appeal within these pages.

Capital Flows in Central and Eastern Europe
Capital Flows in Central and Eastern Europe

Author: Ms.Ratna Sahay

Publisher: International Monetary Fund

Published: 1995-06-01

Total Pages: 48

ISBN-13: 1451847742

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This paper examines the nature and composition of capital flows in selected countries in Central and Eastern Europe during 1987–93. The data show that there was a remarkable turnaround in the capital account in 1992–93. This improvement was accompanied by widening current account deficits, an increase in real consumption, and real exchange rate appreciation. In light of these developments, the paper discusses the main macroeconomic concerns raised by capital inflows and lays out the principal policy options relevant for the transition economies.