Central Banking in Transition Countries

ByHelmut Wagner

August 1, 1998

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

In the 1990s, the issues of central banking and central bank independence have gained increasing attention, in part owing to the role of the future European central bank, but also owing to the emergence of transition countries and the role of central banks in these countries. The main focus of the paper is on the preconditions of disinflation and successful stability policy in transition countries, paying special attention to the institutional requirements and to the choice of nominal anchors.

Subject: Banking, Exchange rates, Foreign exchange, Inflation, Inflation targeting, Monetary policy, National accounts, Nominal anchors, Personal income, Prices

Keywords: Central and Eastern Europe, Central Banking, Exchange rates, fiscal policy, full employment, government budget constraint, incomes policy, Inflation, inflation rate, Inflation targeting, money supply, Nominal anchors, nominal exchange rate, Personal income, price level, transition country, Transition Economies, transmission mechanism, WP

Pages:
49
Volume:
1998
DOI:
https://doi.org/10.5089/9781451936681.001
Issue:
126
Series:
Working Paper No. 1998/126
Stock No:
WPIEA1261998
ISBN:
9781451936681
ISSN:
1018-5941

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