{
  "title": "Monetary Policy in Central and Eastern Europe: Lessons After Half a Decade of Transition",
  "publication": "IMF Working Papers, September 1, 1996",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/monetary-policy-in-central-and-eastern-europe-lessons-after-half-a-decade-of-transition-2080",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/30/monetary-policy-in-central-and-eastern-europe-lessons-after-half-a-decade-of-transition-2080",
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  "summary": "The paper uses data from transition economies in Central and Eastern Europe to assess four questions: (i) Did the standard blueprint for stabilization work, and was it implemented?",
  "sections": [
    {
      "heading": "Summary and Purpose",
      "content": "- Uses data from transition economies in Central and Eastern Europe to assess four questions:\n  - (i) Did the standard blueprint for stabilization work, and was it implemented?\n  - (ii) To what extent was normal macroeconomics impeded by solvency problems in banks, and how successful have been policies to improve incentives within banks?\n  - (iii) Could financial markets and other infrastructure for monetary policy have been developed more quickly?\n  - (iv) How should transition economies respond to the monetary inflows that typically accompany success?\n- Concludes by evaluating the changing advice offered by external agencies during the 1990s."
    },
    {
      "heading": "Substantive Themes and Analysis",
      "content": "- Stabilization blueprint:\n  - Assessment focuses on whether the standard blueprint for stabilization worked and whether it was implemented in transition economies in Central and Eastern Europe.\n- Banking sector solvency and incentives:\n  - Examines the extent to which normal macroeconomics was impeded by solvency problems in banks.\n  - Evaluates how successful policies have been in improving incentives within banks.\n- Development of financial markets and monetary policy infrastructure:\n  - Investigates whether financial markets and other infrastructure for monetary policy could have been developed more quickly.\n- Managing capital inflows:\n  - Addresses how transition economies should respond to the monetary inflows that typically accompany success.\n- External advice:\n  - Evaluates the changing advice offered by external agencies during the 1990s."
    },
    {
      "heading": "Key Subjects",
      "content": "- Balance of payments\n- Bank credit\n- Banking\n- Capital inflows\n- Exchange rates\n- Financial services\n- Foreign exchange\n- Inflation\n- Prices\n- Real exchange rates\n- Real interest rates"
    },
    {
      "heading": "Keywords",
      "content": "- adverse selection\n- balance of payments\n- Baltics\n- bank\n- broad money\n- Capital inflows\n- Central and Eastern Europe\n- central bank\n- Europe\n- exchange rate\n- Exchange rates\n- government\n- Inflation\n- nominal exchange rate\n- Real exchange rates\n- Real interest rates\n- structural adjustment\n- transition economy\n- Western Europe\n- WP\n\n---\n\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/monetary-policy-in-central-and-eastern-europe-lessons-after-half-a-decade-of-transition-2080"
    }
  ],
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    "[Markdown version](/en/publications/wp/issues/2016/12/30/monetary-policy-in-central-and-eastern-europe-lessons-after-half-a-decade-of-transition-2080/index.md)",
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    "Authors: David K. H. Begg",
    "Published: September 1, 1996",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451853056.001",
    "Uses data from transition economies in Central and Eastern Europe to assess four questions:",
    "Concludes by evaluating the changing advice offered by external agencies during the 1990s.",
    "Stabilization blueprint:",
    "Banking sector solvency and incentives:",
    "Development of financial markets and monetary policy infrastructure:",
    "Managing capital inflows:",
    "External advice:",
    "Balance of payments",
    "Bank credit",
    "Banking",
    "Capital inflows",
    "Exchange rates",
    "Financial services",
    "Foreign exchange",
    "Inflation",
    "Prices",
    "Real exchange rates",
    "Real interest rates",
    "adverse selection",
    "balance of payments",
    "Baltics",
    "bank",
    "broad money",
    "Capital inflows",
    "Central and Eastern Europe",
    "central bank",
    "Europe",
    "exchange rate",
    "Exchange rates",
    "government",
    "Inflation",
    "nominal exchange rate",
    "Real exchange rates",
    "Real interest rates",
    "structural adjustment",
    "transition economy",
    "Western Europe",
    "WP"
  ],
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