Monetary Policy: Mechanisms and Outcomes
The monetary policy in 1991 followed two main objectives. First,it was to equilibrate the money market by reducing the high money supply to the economically founded money demand. The second objective was to avoid the hyperinflation that could result after the liberalization of prices. A broad spectrum of instruments was used to achieve these targets but the most important ones were the direct measures. It could be concluded that the monetary policy as a whole fulfilled the objectives despite some turbulence in the summer.
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