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Monetary Policy during Transition: Progress and Pitfalls in Central and Eastern Europe, 1990-6

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  • Begg, David

Abstract

Monetary policy rarely accomplished stabilization if sound fiscal policy had not already been established. Distinctions between different nominal anchors can be exaggerated. Any credit crunch owed more to micro distortions than to tight money. Initial stabilization did not always precede the resumption of growth, but there is little evidence that more gradual transition would have made disinflation easier. Thereafter, countries usually experienced large capital inflows whatever the ostensible exchange-rate regime. Fiscal tightening and more exchange-rate flexibility offer a sounder eventual response. Poor incentives and corporate governance in banks should have been anticipated: subsequent improvements were slow and costly. Large investments in writing off bad debt and providing adequate resources for supervision made monetary transmission more reliable, and hardened budget constraints through which the price mechanism could improve efficiency. Copyright 1997 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 13 (1997)
Issue (Month): 2 (Summer)
Pages: 33-46

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Handle: RePEc:oup:oxford:v:13:y:1997:i:2:p:33-46

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Cited by:
  1. Horvath, Julius & Jonas, Jiri, 1998. "Exchange rate regimes in the transition economies: Case study of the Czech Republic: 1990-1997," ZEI Working Papers B 11-1998, ZEI - Center for European Integration Studies, University of Bonn.
  2. Michel Aglietta & Camille Baulant & Virginie Coudert, 1998. "Compétitivité et régime de change en Europe Centrale," Working Papers 1998-10, CEPII research center.
  3. Dumitriu, Ramona & Stefanescu, Razvan, 2013. "Provocările politicii monetare
    [Monetary policy challenges]
    ," MPRA Paper 50261, University Library of Munich, Germany, revised 28 Sep 2013.
  4. Ali M. Kutan & Josef C. Brada, 2000. "The evolution of monetary policy in transition economies," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 31-40.
  5. Barlow, David, 2010. "How did structural reform influence inflation in transition economies?," Economic Systems, Elsevier, vol. 34(2), pages 198-210, June.

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