Financial Stability, Monetary Policy and Integration: Policy Choices for Transition Economies
AbstractThis 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.
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Bibliographic InfoPaper provided by Magyar Nemzeti Bank (the central bank of Hungary) in its series MNB Working Papers with number 2001/4.
Length: 30 pages
Date of creation: 2001
Date of revision:
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- DeLisle Worrell & Andrea M. Maechler & Srobona Mitra, 2007. "Decomposing Financial Risks and Vulnerabilities in Eastern Europe," IMF Working Papers 07/248, International Monetary Fund.
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