Financial Stability, Monetary Policy and Integration: Policy Choices for Transition Economies
This paper makes an attempt to distinguish between financial structures and monetary policies that have the potential to amplify real disturbances, and thereby to lead to crises par excellence, and those where fluctuations have risk sharing features, and do not aggravate real shocks. After outlining the features of financial architectures that are most probably responsible for the distinction, I evaluate transition economies, by judging their vulnerability from this perspective, and by offering future policies suggestions for acquiring a financial structure of the second type. My conclusions advocate bold liberalisation with a view towards full integration into world capital markets, and a not too activist monetary policy style.
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