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Řízení peněžní zásoby pomocí úrokové sazby
[Money supply management through the interest rate mechanism]

Author

Listed:
  • Jan Kodera
  • Martin Mandel

Abstract

At the beginning of 1996 the ČNB changed money supply management. The transition was from a monetary base regulation towards control of short-interest rate of inter banking market PRIBOR 1 week. While monetary regulation base mainly results in changes of the monetary supply, the transition mechanism based on control of short interest rate influences both monetary supply and monetary demand. The monetary transition interest rate mechanism raises three questions: Does exist a perfect control of REPO? Is real a perfect connection between REPO a PRIBOR? How an interest rate influence credit market? These problems are analysed in the text. The last two parts of the article are dedicated to empirical estimates of adjustment of Pool model done by Pierce. The model can be used as a tool for decision between monetary base and interest rate.

Suggested Citation

  • Jan Kodera & Martin Mandel, 1998. "Řízení peněžní zásoby pomocí úrokové sazby
    [Money supply management through the interest rate mechanism]
    ," Politická ekonomie, University of Economics, Prague, vol. 1998(1).
  • Handle: RePEc:prg:jnlpol:v:1998:y:1998:i:1:id:216
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    References listed on IDEAS

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    1. Graciela L. Kaminsky, 1998. "Currency and banking crises: the early warnings of distress," International Finance Discussion Papers 629, Board of Governors of the Federal Reserve System (U.S.).
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    3. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005. "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Chapters,in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82 National Bureau of Economic Research, Inc.
    4. Martin Schneider & Aaron Tornell, 2004. "Balance Sheet Effects, Bailout Guarantees and Financial Crises," Review of Economic Studies, Oxford University Press, vol. 71(3), pages 883-913.
    5. Joon-Ho Hahm & Frederic S. Mishkin, 2000. "Causes of the Korean Financial Crisis: Lessons for Policy," NBER Working Papers 7483, National Bureau of Economic Research, Inc.
    6. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "Serial Default and the "Paradox" of Rich-to-Poor Capital Flows," American Economic Review, American Economic Association, pages 53-58.
    7. Reuven Glick & Ramon Moreno & Mark M. Spiegel, 2001. "Financial crises in emerging markets," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue mar.23.
    8. Giancarlo Corsetti & Paolo Pesenti & Nouriel Roubini, 1998. "What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview," NBER Working Papers 6833, National Bureau of Economic Research, Inc.
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