The Payments Systems Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe
January 1, 1994
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Summary
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 departing 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 towards a market economy, from which certain lessons can be drawn.
Subject: Banking, Commercial banks, Credit, Currency markets, Financial institutions, Financial markets, Fiscal accounting and reporting, Money, Money markets, Payment systems
Keywords: bank reserves, Central and Eastern Europe, Commercial banks, Credit, Currency markets, demand order, monetary management, monetary policy, Money markets, noncash payment, payment clearing, payment order, Payment systems, payment transaction, payments agreement, payments float, payments instruction, payments system arrangement, processing payment, WP
Pages:
40
Volume:
1994
DOI:
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Issue:
013
Series:
Working Paper No. 1994/013
Stock No:
WPIEA0131994
ISBN:
9781451842944
ISSN:
1018-5941
Notes
Also published in Staff Papers, Vol. 41, No. 3, September 1994.
