Systemic Requirements for Monetary Stability in Eastern Europe and the Former Soviet Union PDF Download
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Author: Jacek Rostowski
Publisher: International Monetary Fund
ISBN: 1451920989
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
The primary function of banks during economic transformation is seen to be provision of an efficient payments mechanism. The lack of banking skills, particularly in credit allocation, is seen as the major problem in stable monetary systems. This is a problem which can be expected to last many years. The solution is to limit banks to very safe assets (initially central bank liabilities). Combining such safe banks with a monetary rule would provide stable monetary systems during transition.
Author: Jacek Rostowski
Publisher: International Monetary Fund
ISBN: 1451920989
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
The primary function of banks during economic transformation is seen to be provision of an efficient payments mechanism. The lack of banking skills, particularly in credit allocation, is seen as the major problem in stable monetary systems. This is a problem which can be expected to last many years. The solution is to limit banks to very safe assets (initially central bank liabilities). Combining such safe banks with a monetary rule would provide stable monetary systems during transition.
Author: Fondo Monetario Internacional
Publisher:
ISBN:
Category :
Languages : es
Pages : 20
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Book Description
Author: Donald J. Mathieson
Publisher:
ISBN:
Category :
Languages : en
Pages : 20
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Book Description
Author: Jacek Rostowski
Publisher:
ISBN:
Category : Bank loans
Languages : en
Pages : 32
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Book Description
Author: Donald Mathieson
Publisher:
ISBN:
Category :
Languages : en
Pages : 20
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Book Description
Author: John Odling-Smee
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
Although various factors point to a more arduous and longer transition in Russia than in Eastern Europe, the broad policy approach should be similar. A necessary condition for effective macroeconomic stabilization is the imposition of hard budget constraints on enterprises. Financial assistance from the Government and the central bank to enterprises must be strictly controlled to ensure compatibility with both inflation objectives and the creation of incentives for reform. While Russia needs external financial assistance, it must be willing and able to pursue economic policies that ensure that the assistance has the desired effects, especially macroeconomic stability and systemic reform.
Author: Adam Zwass
Publisher: White Plains, N.Y. : M. E. Sharpe
ISBN:
Category : Business & Economics
Languages : en
Pages : 256
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Book Description
Author: David Kennett
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 396
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Book Description
Designed as a reader for courses in comparative economics, East European economics and politics, and international relations and business; includes 37 recent and "classic" articles in 10 parts. Includes bibliographical references. Part I. The failure of central planning -- Part II. The lure of the market -- Part III. The legal system -- Part IV. The financial system -- Part V. Market failure -- Part VI. The macroeconomy -- Part VII. Privatization -- Part VIII. International economic issues -- Part IX. The politics of economic reform -- Part X. The strategy of reform.
Author: Martha Melo
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
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.
Author: Randall Weston Hinshaw
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
International Monetary Issues after the Cold War offers a rare look at leading economists engaged in a spirited discussion of current and emerging issues. In this record of the eleventh "Bologna-Claremont" conference, fifteen leading scholars - including two Nobel laureates - discuss the U.S. recession, the problems created by German unification, the Western European monetary union, regional economic organization, and monetary stability in Eastern Europe. Participants were selected to represent differing points of view on controversial policy issues, as well as differences of opinion on "how the world works." A lightly edited transcript of the actual discussion, the book captures a remarkably lively and good-humored encounter. "All my life Milton has been trying to persuade me that we share the same model, " says Paul Samuelson of Milton Friedman. "He may think he's six inches away from me, but I think I'm six feet away from him. Milton and I, when we agree on our policy recommendations, do so for different reasons." Later he adds: "And I hope this goes on for another forty years."
