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Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe

Author

Listed:
  • Tomás J. T. Baliño

    (International Monetary Fund)

  • Juhi Dhawan

    (International Monetary Fund)

  • V. Sundararajan

    (International Monetary Fund)

Abstract

The paper discusses the interrelationships between payments system reform and monetary policy implementation in selected countries in Central and Eastern Europe. The reforms in the payments system are viewed as closely interrelated with the development of money and foreign exchange markets and the instruments of monetary policy used by the central banks. Large and variable float balances created special challenges. The paper shows that while starting from very similar origins, there were significant variations in experiences of the countries studied in transforming their payments systems after the start of the reforms toward a market economy, from which certain lessons can be drawn.

Suggested Citation

  • Tomás J. T. Baliño & Juhi Dhawan & V. Sundararajan, 1994. "Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe," IMF Staff Papers, Palgrave Macmillan, vol. 41(3), pages 383-410, September.
    • Handle: RePEc:pal:imfstp:v:41:y:1994:i:3:p:383-410
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    Citations

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    Cited by:

    1. Loretan, Mico, 1996. "Economic models of systemic risk in financial systems," The North American Journal of Economics and Finance, Elsevier, vol. 7(2), pages 147-152.
    2. Buch, Claudia M., 1995. "Monetary policy and the transformation of the banking system in Eastern Europe," Kiel Working Papers 676, Kiel Institute for the World Economy (IfW Kiel).
    3. Buch, Claudia M. & Koop, Michael J. & Schweickert, Rainer & Wolf, Hartmut, 1995. "Währungsreformen im Vergleich: monetäre Strategien in Rußland, Weißrußland, Estland und der Ukraine," Open Access Publications from Kiel Institute for the World Economy 831, Kiel Institute for the World Economy (IfW Kiel).
    4. Schoors, Koen, 2003. "The effect of Soviet monetary disintegration on the collapse of trade between members of the Commonwealth of Independent States," Economic Systems, Elsevier, vol. 27(1), pages 1-26, March.
    5. Wojciech Maliszewski, 2002. "Monetary Policy in Transition: Structural Econometric Modelling and Policy Simulations," CASE Network Studies and Analyses 0246, CASE-Center for Social and Economic Research.
    6. Bas Aarle & Nina Budina, 1997. "Financial repression, money growth, and seignorage: The Polish experience," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 133(4), pages 683-707, December.
    7. Wojciech Maliszewski, 1999. "VAR-ing Monetary Policy in Poland," CASE Network Studies and Analyses 0188, CASE-Center for Social and Economic Research.

    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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