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Financial Stability, Monetary Policy and Integration: Policy Choices for Transition Economies

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  • János Vincze

    (Magyar Nemzeti Bank (at the time of writing the study))

Abstract

This paper makes an attempt to distinguish between financial structures and monetary policies that have the potential to amplify real disturbances, and thereby to lead to crises par excellence, and those where fluctuations have risk sharing features, and do not aggravate real shocks. After outlining the features of financial architectures that are most probably responsible for the distinction, I evaluate transition economies, by judging their vulnerability from this perspective, and by offering future policies suggestions for acquiring a financial structure of the second type. My conclusions advocate bold liberalisation with a view towards full integration into world capital markets, and a not too activist monetary policy style.

Suggested Citation

  • János Vincze, 2001. "Financial Stability, Monetary Policy and Integration: Policy Choices for Transition Economies," MNB Working Papers 2001/4, Magyar Nemzeti Bank (Central Bank of Hungary).
    • Handle: RePEc:mnb:wpaper:2001/4
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    File URL: http://www.mnb.hu/letoltes/wp2001-4.pdf
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    Cited by:

    1. Andrea M Maechler & Srobona Mitra & Delisle Worrell, 2010. "Decomposing Financial Risks and Vulnerabilities in Emerging Europe," IMF Staff Papers, Palgrave Macmillan, vol. 57(1), pages 25-60, April.
    2. Bassem Kamar & Damyana Bakardzhieva, 2002. "The Reforms Needed to Attract More FDI in Egypt: Lessons from the CEEC Experience," Working Papers 0240, Economic Research Forum, revised 26 Dec 2002.
    3. Mr. Rupert D Worrell & Andrea M. Maechler & Ms. Srobona Mitra, 2007. "Decomposing Financial Risks and Vulnerabilities in Eastern Europe," IMF Working Papers 2007/248, International Monetary Fund.

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