Conducting Monetary and Credit Policy in Countries of the Former Soviet Union

Conducting Monetary and Credit Policy in Countries of the Former Soviet Union
Author: Mr.Hugh Bredenkamp
Publisher: International Monetary Fund
Total Pages: 26
Release: 1993-03-01
Genre: Business & Economics
ISBN: 1451921071

This paper surveys some of the principal monetary policy issues facing countries of the former U.S.S.R. The emphasis is on the immediate problem of imposing financial discipline in these economies, to bring down inflation quickly and decisively. Possible options for the essential nominal anchor are considered, together with the problems of selecting appropriate targets and instruments for monetary policy needed to make that anchor effective. It is argued that, if the stabilization effort is to be sustained, discipline must be imposed at the micro- as well as the macro-level, and the paper suggests a second-best approach to the allocation of credit in the absence of well-functioning credit markets.

Money, Financial Flows, and Credit in the Soviet Union

Money, Financial Flows, and Credit in the Soviet Union
Author: George Garvy
Publisher: New York : Published for the National Bureau of Economic Research by Ballinger Publishing Company, Cambridge, Mass.
Total Pages: 248
Release: 1977
Genre: Business & Economics
ISBN:

Economic research monograph on banking and monetary policy in the USSR - covers foreign exchange, trade and the balance of payments, price stabilization policies, the nature of capital flows, foreign investments, financial planning, the credit system, etc. Bibliography pp. 204 to 218, diagram and references.

Monetary and Exchange System Reforms in China

Monetary and Exchange System Reforms in China
Author: Mr.Bernard Laurens
Publisher: International Monetary Fund
Total Pages: 108
Release: 1996-09-26
Genre: Business & Economics
ISBN: 9781557755629

In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

IMF Staff papers

IMF Staff papers
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
Total Pages: 244
Release: 1995-01-01
Genre: Business & Economics
ISBN: 1451957068

This paper provides a critical survey of the literature on politico-institutional determinants of the government budget. We organize our discussion around two questions: Why did certain OECD countries, but not others, accumulate large public debts? Why did these fiscal imbalances appear in the last twenty years rather than sooner? We begin by discussing the “tax smoothing” model and conclude that this approach alone cannot provide complete answers to these questions. We then proceed to a discussion of political economy models, which we organize into six groups: (1) models based upon opportunistic policy makers and naive voters with “fiscal illusion”; (2) models of intergenerational redistributions; (3) models of debt as a strategic variable, linking the current government with the next one; (4) models of coalition governments; (5) models of geographically dispersed interests; and (6) models emphasizing the effects of budgetary institutions. We conclude by briefly discussing policy implications.

The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition

The Coordination of Domestic Public Debt and Monetary Management in Economies in Transition
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 60
Release: 1994-12-01
Genre: Business & Economics
ISBN: 1451856776

In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt management, and the development of supporting institutional and operational arrangements. Key aspects of these arrangements are surveyed.

Banking Reform in Central Europe and the Former Soviet Union

Banking Reform in Central Europe and the Former Soviet Union
Author: Jacek Rostowski
Publisher: Central European University Press
Total Pages: 242
Release: 1995-06-01
Genre: Business & Economics
ISBN: 9633865573

This study analyzes the main requirements placed on Central and Eastern Europe's financial systems during their transition to a market economy. It assesses the financial reforms already carried out in the countries of Central Europe, their adaptations of Western institutional models, and the lessons to be drawn from their experiences for the "second wave" reformers in the former Soviet Union and the Balkans.

Conditionality in Evolving Monetary Policy Regimes

Conditionality in Evolving Monetary Policy Regimes
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 61
Release: 2014-05-03
Genre: Business & Economics
ISBN: 1498343694

With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Monetary Instruments and their Use During the Transition From a Centrally Planned to a Market Economy

Monetary Instruments and their Use During the Transition From a Centrally Planned to a Market Economy
Author: Mr.Paul Louis Ceriel Hilbers
Publisher: International Monetary Fund
Total Pages: 34
Release: 1993-11-01
Genre: Business & Economics
ISBN: 1451850948

This paper discusses different instruments of monetary policy, and in particular the choice between direct and indirect instruments. It identifies the main characteristics of a country’s financial system that should be considered in selecting monetary instruments, and analyzes how these characteristics should influence that selection in countries that are progressing from a state-controlled to a market economy. The characteristics of the financial system during the initial stage of the transition sometimes favor relatively direct instruments. At this stage market-based variants of direct instruments may combine the necessary effectiveness in reducing monetary expansion with the need to introduce and stimulate competition in the financial markets. During this stage indirect instruments can be developed and tested (“belt and braces” approach). In later stages, as experience is gained, these indirect instruments can gradually replace the more direct controls.

Instruments of Monetary Management

Instruments of Monetary Management
Author: Mr.Tomás J. T. Baliño
Publisher: International Monetary Fund
Total Pages: 316
Release: 1997-09-07
Genre: Business & Economics
ISBN: 9781557755988

Many countries have reformed their monetary instruments over the last few years. Edited by Tomas J.T. Balino and Lorena M. Zamalloa, this volume deals with the design, implementation, and coordination of major monetary policy instruments, highlighting relevant country experiences. In particular, it discusses how to adapt those instruments to the financial environment as well as how to help this environment to develop.

Coordinating Public Debt and Monetary Management

Coordinating Public Debt and Monetary Management
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 444
Release: 1997-04-15
Genre: Business & Economics
ISBN: 9781557755551

Edited by V. Sundararajan, Peter Dattels, and Hans Blommestein, this volume outlines strategies for managing public debt, developing government securities markets, and coordinating those activities with monetary management through legal, administrative, and operational arrangements. Both transition and market economies are surveyed. The analysis draws partly on the literature on the microstructure of markets and auction systems and on selected country experiences.