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Romania: From the quantitative monetary aggregates to inflation targeting

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  • Voicu, Ionut Cristian
  • Constantin, Floricel
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    Abstract

    For Romania, the shift from monetary targeting toward inflation targeting was done under the influences of following events: - The existing pressure coming from refinancing the public debt and from the necessity to remain in certain boundary with the budgetary deficit. - NBR assigned monetary control and liquidity management functions on the mechanism of minimum required reserves. - Romanian strategy was deeply hurt by the low development of its financial markets, and the low level of monetization. - A precondition of potential success in the case of inflation targeting was fulfilled - the improvement of taxes collection and the reduction of money laundry. - The important amounts of quantitative increases in Foreign Direct Investment (yearly Euro 4 billion), and also in the rest of M2’s components, forced the necessity of a new strategy based mainly on non-monetary aggregates

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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 396.

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    Date of creation: Jun 2006
    Date of revision: Sep 2006
    Handle: RePEc:pra:mprapa:396

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    Keywords: monetary policy; inflation targeting; Romania; monetary aggregates;

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