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Subduing High Inflation in Romania. How to Better Monetary and Exchange Rate Mechanisms?

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Author Info
Daniel Daianu
Radu Vranceanu

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Abstract

Romania's overall economic performance during the first ten years of transition can be termed so far as disappointing: the country has not been able to deliver steady growth, low unemployment and low inflation. This paper focuses on the effectiveness of monetary mechanisms and policies during this period. Special emphasis is set on the exchange rate mechanism. The first part of the text develops a short introduction to relevant monetary theory in the transition context. In the second part, we analyse the stylised facts pertaining to Romanian economy and put forward some weaknesses of its banking system and monetary policies. The conclusion presents a set of recommendations for a reform of the going monetary policy.

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Paper provided by William Davidson Institute at the University of Michigan Stephen M. Ross Business School in its series William Davidson Institute Working Papers Series with number 402.

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Date of creation: 01 Aug 2001
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Handle: RePEc:wdi:papers:2001-402

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Keywords: monetary policy banking system exchange rate mechanism Romania policy reform

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References listed on IDEAS
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    Other versions:
  3. Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995. "Two Cases for Sand in the Wheels of International Finance," Economic Journal, Royal Economic Society, vol. 105(428), pages 162-72, January. [Downloadable!] (restricted)
    Other versions:
  4. M. F. Bleaney, 1999. "Price and Monetary Dynamics Under Alternative Exchange Rate Regimes," IMF Working Papers 99/67, International Monetary Fund.
  5. Rodrik, Dani, 2000. "Institutions For High-Quality Growth: What They Are And How To Acquire Them," CEPR Discussion Papers 2370, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Eduardo Borensztein & Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 00/50, International Monetary Fund.
  7. Amadou N. R. Sy & Luis Rivera-Batiz, 2000. "Currency Boards, Credibility, and Macroeconomic Behavior," IMF Working Papers 00/97, International Monetary Fund.
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  9. Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-25, August. [Downloadable!] (restricted)
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  13. Kenen, Peter B, 1995. "Capital Controls, the EMS and EMU," Economic Journal, Royal Economic Society, vol. 105(428), pages 181-92, January. [Downloadable!] (restricted)
  14. Lionel Halpern & Charles Wyplosz, 1996. "Equilibrium Exchange Rates in Transition Economies," IMF Working Papers 96/125, International Monetary Fund.
  15. Blake LeBaron & Rachel McCulloch, 2000. "Floating, Fixed, or Super-Fixed? Dollarization Joins the Menu of Exchange-Rate Options," American Economic Review, American Economic Association, vol. 90(2), pages 32-37, May. [Downloadable!] (restricted)
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