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Sik S Reform In Monetary Economy In Cssr

Author

Listed:
  • Klara Fabiankova

    (University of Economics Prague)

  • Petr Chalupecky

    (University of Economics Prague)

  • Zdenka Jerabkova

    (University of Economics Prague)

Abstract

The study analyzes economic reform prepared in 1964-65 and carried out in stages through 1968 and focuses on the banking sector. The economic reform was regarded as comprehensive and particular opinions on it were developed gradually. The reform was unambiguously aimed at abandoning the Soviet type centrally planned economy and transitioning to a market economy with a dominant role of state and indicative planning. Banking and financial sector was not a significant part in Sik s reform, since the real economy was more significant. However, the rehabilitation of functions of money forced the managing centre to create an adequate institutional environment. In the banking system the concept of separate central and commercial banking was enforced, nevertheless the framework of monetary policy instruments was not put in practice. This situation was comparable with the transformation to market economy at the beginning of the 1990s but there were stronger internal and external political limitations in the 1960s. Sik s reform concerning banking could not have been carried out thoroughly because of the Soviet external intervention in August 1968 and subsequent change in home affairs. Despite, the banking sector was one of the industries where the pursued reform changes endured to a certain extent, and they became a basis for attempts at autonomous monetary policy and activation of money in the 1970s and 1980s.

Suggested Citation

  • Klara Fabiankova & Petr Chalupecky & Zdenka Jerabkova, 2011. "Sik S Reform In Monetary Economy In Cssr," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 20(1), pages 139-159, june.
    • Handle: RePEc:avo:emipdu:v:20:y:2011:i:1:p:139-159
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    File URL: https://hrcak.srce.hr/clanak/103924
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    References listed on IDEAS

    as
    1. Lee Metcalf, 1993. "The impact of foreign trade on the Czechoslovak economic reforms of the 1960s," Europe-Asia Studies, Taylor & Francis Journals, vol. 45(6), pages 1071-1090.
    2. Alex Pravda, 1973. "Some aspects of the Czechoslovak economic reform and the working class in 1968," Europe-Asia Studies, Taylor & Francis Journals, vol. 25(1), pages 102-124.
    3. Lida Urbanek, 1968. "Some difficulties in implementing the economic reforms in Czechoslovakia," Europe-Asia Studies, Taylor & Francis Journals, vol. 19(4), pages 557-566.
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      More about this item

      Keywords

      Czechoslovakia; economic reform; centrally planned economy; banking;
      All these keywords.

      JEL classification:

      • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
      • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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