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Monetary Policy in Transition

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Author Info

  • Torsten Sløk

Abstract

This paper analyzes monetary policy in transition. It examines the dynamics of monetary policy in Mongolia using granger-causality tests for monetary variables and inflation. The paper also analyzes money demand using data from 22 Mongolian regions during 1993-1998. The analyses confirm the key role of monetary policy in stabilization and reveal that even in a transition economy as rudimentary as Mongolia, a stable money demand and a predictable relationship between inflation and monetary variables do exist. Hence market-based monetary policy is effective. In addition, the analysis points to a difference between transition and industrial economies in the elasticity of money demand with respect to activity, reflecting the larger role for transactions demand for money.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/21.

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Length: 19
Date of creation: 01 Jan 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/21

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Related research

Keywords: Transition economies; monetary policy; inflation; money demand; money supply; money stock; central bank; demand for money; moderate inflation; reserve requirements; monetary authorities; inflation process; monetary fund; real interest rate; monetary indicators; price level; monetary aggregates; price stability; real money; aggregate demand; real interest rates; inflation rate; monetary sector; national bank; relative prices; money growth; nominal interest rate; foreign currency; foreign exchange; monetary model; inflation performance;

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Cited by:
  1. Kevin C. Cheng, 2003. "Growth and Recovery in Mongolia During Transition," IMF Working Papers 03/217, International Monetary Fund.

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