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Monetary Policy Targeting In Central Europes Transition Economies
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Author :Lucjan T. Orlowski Publisher :Center for Social & Economic Research ISBN 13 :9788371780806 Total Pages :30 pages Book Rating :4.7/5 (88 download)
Book Synopsis Monetary Policy Targeting in Central Europe's Transition Economies by : Lucjan T. Orlowski
Download or read book Monetary Policy Targeting in Central Europe's Transition Economies written by Lucjan T. Orlowski and published by Center for Social & Economic Research. This book was released on 1998-01-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Policy in Central and Eastern Europe by : Mr.David K. H. Begg
Download or read book Monetary Policy in Central and Eastern Europe written by Mr.David K. H. Begg and published by International Monetary Fund. This book was released on 1996-09-01 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary Policy Targeting in Central Europe's Transition Economics by : Lucjan T. Orlowski
Download or read book Monetary Policy Targeting in Central Europe's Transition Economics written by Lucjan T. Orlowski and published by . This book was released on 2006 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policies of Poland, Hungary and the Czech Republic have undergone a significant transformation in the 1990s. The initial currency peg and the exchange-rate-based monetary policy have been gradually replaced by more flexible exchange rates and money-based policies. Preparations for accession to the European Union and, later, to the European Monetary Union, call for further policy advancements including effective measures for lowering inflation, for reducing volatility of interest rates and market exchange rates, and for stabilizing domestic financial markets. Monetary authorities need to gain credibility for their policies, which should become more transparent, forward-looking and predictable. This paper argues that direct inflation targeting will be a desirable monetary policy approach for accomplishing these objectives. At the initial stage of monetary policy adjustments, a stricter form of inflation targeting is proposed in order to strengthen central banks policy discipline and commitment to disinflation. When price indexes reach a more sustainable level, flexible inflation targeting is advised. After the candidates join the EU and begin preparations for accession to the EMU, direct inflation targeting will have to be gradually phased-out and replaced by the euro-peg.
Book Synopsis Monetary and Exchange Rate Policy of Transition Economies of Central and Eastern Europe after the Launch of EMU by : Mr.Paul R. Masson
Download or read book 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 published by International Monetary Fund. This book was released on 1999-07-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Monetary Policy in a Converging Europe by : J.A.J Alders
Download or read book Monetary Policy in a Converging Europe written by J.A.J Alders and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary Policy in a Converging Europe covers the most important monetary issues in the transition towards an Economic and Monetary Union in Europe, containing contributions from renowned experts in relevant research and policy areas. Among other things, the contributions discuss the scope for inflation targeting, monetary interdependencies within the `core' ERM countries, money demand within the European Union, the difference between the monetary transmission mechanisms in the various European countries, and the preferred exchange rate policy in Stage Two of EMU. The book provides an excellent overview of current issues for anyone interested in monetary policy in a converging Europe.
Book Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke
Download or read book The Inflation-Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Book Synopsis Monetary Policy in Central Europe by : Miroslav Beblavý
Download or read book Monetary Policy in Central Europe written by Miroslav Beblavý and published by Routledge. This book was released on 2007-02-08 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Miroslav Beblav who has been involved in policy-making at the highest level in his country, offers a detailed study of monetary policy and monetary institutions in the Czech Republic, Hungary, Poland and Slovakia during the 1990s and the early 2000s and a more general look at monetary policy in less developed, but highly open and fin
Book Synopsis Central Banking, Monetary Policies, and the Implications for Transition Economies by : Mario I. Blejer
Download or read book Central Banking, Monetary Policies, and the Implications for Transition Economies written by Mario I. Blejer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Transmission Mechanism of Monetary Policy in Central and Eastern Europe by : Georgy Yordanov Ganev
Download or read book Transmission Mechanism of Monetary Policy in Central and Eastern Europe written by Georgy Yordanov Ganev and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As more central banks across Central and Eastern Europe (CEE) move towards inflation control - either in the form of direct inflation targeting or indirectly through informal targets - good knowledge of transmission mechanism in the economy becomes crucial for implementing good policies. So far the volume of studies in the region devoted to this issue is not overly impressive. There have been no attempts made to study the issue in a comparative context of several economies. In the case of CEE, this research field, like many others, is naturally constrained by at least two important factors. The first is the lack of data in terms of both length of time series and of quality and reliability. The second is the constant institutional changes in the studied environment which renders the different models and techniques structurally unstable and the results - generally volatile. The purpose of this study is to review the existing literature on transmission mechanism in CEE and put it in a broader context of the problems related to research on monetary policy. Also, we attempted to conduct empirical analysis for 10 transition economies using analogous methodology for the same sample period 1995-2000. In this comparative framework a series of Granger causality tests and impulse response analysis were carried out to asses the strength of two major transmission channels: interest rate and exchange rate channel. Also in the empirical part, we tried to look for the existence of long-run relationships between the basic set of macroeconomic variables in the countries under investigation. The paper is composed as follows. Chapter 2 briefly reviews the transmission mechanism research in CEE with special emphasis on the origin of studies, methods used and general inferences. Then, chapter 3 presents a problembased discussion of issues related to transmission mechanism in the special context of transition economies. Goals, targets and tools of monetary policy as well a exchange rate regimes are reviewed and discussed. Chapters 4 and 5 present empirical results. Chapter 4 describes core inflation estimates and selection process as well as presents all remaining variables and tests for the level of integration. Chapter 5 includes the empirical analysis of transmission mechanism through Granger causality and impulse responses as well as cointegration analysis. Finally, chapter 7 concludes the paper with summary of results.
Book Synopsis Central Banking in Transition Countries by : Mr.Helmut Wagner
Download or read book Central Banking in Transition Countries written by Mr.Helmut Wagner and published by International Monetary Fund. This book was released on 1998-08-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Banking and Monetary Policy in Eastern Europe by : Adalbert Winkler
Download or read book Banking and Monetary Policy in Eastern Europe written by Adalbert Winkler and published by Springer. This book was released on 2016-01-26 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the beginning of the transition process, the countries of Central and Eastern Europe faced the task of creating a functioning financial system where none had existed before. A decade later, high-level practitioners and well-known experts take stock of banking and monetary policy in the region, centring on: the governance of banks; the spread of financial crisis; and, perspectives for monetary policy and banking sector development.
Book Synopsis Monetary and Exchange Rate Policies, EMU and Central and Eastern Europe by : David K. H. Begg
Download or read book Monetary and Exchange Rate Policies, EMU and Central and Eastern Europe written by David K. H. Begg and published by Centre for Economic Policy Research. This book was released on 1999 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines European transition economies and their need to find a robust strategy for macroeconomic policy in the period leading up to accession and in preparation for joining EMU.
Book Synopsis Direct Inflation Targeting in Central Europe by : Lucjan T. Orlowski
Download or read book Direct Inflation Targeting in Central Europe written by Lucjan T. Orlowski and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses perceived benefits and disadvantages of direct inflation targeting for economies in transition in Central Europe. It examines the experience of net inflation targeting in the Czech Republic and of CPI forecast targeting regimes in Poland, providing specific suggestions for enhancing transparency of monetary policy. Inflation targeting is compared with exchange rate pegging and is viewed as a superior solution for facilitating the monetary convergence of central European EU candidates to the inflation level prevailing in the eurozone. Other benefits of inflation targeting for central banks in transition economies are described as well.
Book Synopsis Monetary Policy, Trade and Convergence by : Willy Spanjers
Download or read book Monetary Policy, Trade and Convergence written by Willy Spanjers and published by LIT Verlag Münster. This book was released on 2009 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: The historical changes in Central and Eastern Europe demanded suitable paths for the transition from centrally planned to market based economies. The lack of relevant experience added to the challenge, giving rise to the incalculable risks of implementing untested policies. By focusing on monetary policy, trade, and convergence, this volume addresses some of the most urgent economic policy issues in the transition economies of Central and Eastern Europe and beyond.
Book Synopsis Financial and Monetary Integration in the New Europe by : David G. Dickinson
Download or read book Financial and Monetary Integration in the New Europe written by David G. Dickinson and published by Edward Elgar Publishing. This book was released on 2002-02-26 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: Potential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country data from these regions, Financial and Monetary Integration in the New Europe looks at the key issues for applicant countries as they negotiate the terms of their membership in the European Union. Of major concern to these countries is the financial sector and its implications for economic growth and the conduct of macroeconomic policy. The book examines, in particular, monetary and exchange rate policies, banking regulation and financial market efficiency. The overall impact of building a market driven financial system on economic development is also explored.
Author :Gertrude Tumpel-Gugerell Publisher :Springer Science & Business Media ISBN 13 :3662048663 Total Pages :306 pages Book Rating :4.6/5 (62 download)
Book Synopsis Completing Transition: The Main Challenges by : Gertrude Tumpel-Gugerell
Download or read book Completing Transition: The Main Challenges written by Gertrude Tumpel-Gugerell and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Completing Transition: The Main Challenges" was the topic around which the Oesterreichische Nationalbank and the Joint Vienna Institute organized a high-level conference in 2000, in a continuation of long-standing efforts to promote the dialogue and understanding between various regions in Europe. Given the heterogeneity of the transition countries of Central and Eastern Europe and the heterogeneity of progress toward convergence, the outlook for finishing transition is divergent. However, what will generally be important is corporate governance and institutional reform to sufficiently underpin macroeconomic success, plus a definite commitment of the responsible institutions in the transition countries to follow the chosen policies consistently.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
