Download or read book Central Bank Independence Inflation and Growth in Transition Economics written by Prakash Loungani and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents two empirical relationships that have emerged as the former communist countries have taken steps to transform their economies. First, data from a sample of twelve transition economies suggest that increased central bank independence (CBI) is correlated with lower inflation rates. This CBI-inflation correlation is not well explained by initial economic conditions and persists after controlling for fiscal performance and the overall quality of economic reforms. Second, across a larger set of twenty-five transition economies, there is a strong and robust negative relationship between inflation and subsequent real GDP growth. Inflation's adverse effect on investment appears to be one significant channel through which the relationship between inflation and growth arises.

Download or read book Central Bank Independence Inflation and Growth in Transition Economies written by Prakash Loungani and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Central Bank Independence Inflation Economic Growth in Transition Economies written by Anna Korina Amanatidis and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Central Banking Monetary Policies and the Implications for Transition Economies written by Mario I. Blejer and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: the adaptation of the institutional settings of monetary policy to deal with an emerging market economy had to be carried out in the midst of an unprecedented stabilization effort and, therefore, was particularly urgent and complicated. In many of the transition countries, the transformation effort implied not just changes in procedures but the establishment of a central bank from scratch, a process that involved an important effort, precisely at a time when the whole system was in serious turmoil. While the process of reforms is not yet completed in all the transition countries, an immense amount of progress has been achieved, and many of the transition countries face today monetary and central banking conditions that are close to those of Western economies. In this volume, we collect a number of important contributions that discuss the most burning aspects of the current debates on central banking and monetary policy and draw implications for the postsocialist transition economies. The various papers included in the volume deal with a broad set of related issues, which are highly relevant not just for transition economies but for other emerging markets and for advanced economies as well. The subjects covered in the book are divided into seven major categories (Sections II to VIII), some of which overlap.

Download or read book Central Banking in Transition Countries written by Mr.Helmut Wagner and published by International Monetary Fund. This book was released on 1998-08-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Inflation Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.

Download or read book Central Bank Autonomy and Inflation and Output Performance in the Baltic States Russia and Other Countries of the Former Soviet Union 1995 1997 written by Mr.Tonny Lybek and published by International Monetary Fund. This book was released on 1999-01-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.

Download or read book Moderate Inflation written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1998-07-01 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many countries, including several transition economies, have in the last few years recorded a sharp decline in inflation, but have been unable to bring inflation down to lower single digits or to achieve price stability. In these countries, inflation has stabilized at moderate levels, with further progress becoming seemingly more difficult. What are the problems created by moderate inflation? What is the appropriate speed of disinflation? These and other issues related to disinflation in transition economies are taken up in this book, edited by Carlo Cottarelli and Gyorgy Szapáry.

Download or read book Disinflation in Transition Economies written by Marek D?browski and published by Central European University Press. This book was released on 2003-01-01 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors analyze the dynamics of in Central and Eastern Europe. The volume covers all the key factors of disinflation in transition economies: changes in money supply and money demand; exchange rate policy; currency crisis; fiscal policy; legal status of central banks; monetary policy strategy; changes in relative prices and changes in nominal and real wages.

Download or read book Inflation Targeting in Transition Countries written by Jiri Jones and published by . This book was released on 2003 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the inflation targeting experience in three transition countries: the Czech Republic, Poland and Hungary. While the examined countries have missed inflation targets often by a large margin, they nevertheless progressed well with disinflation. A key lesson from the experience of the inflation targeting transition countries is that economic performance will improve and support for the central bank will be higher if the central banks emphasize avoiding undershoots of the inflation target as much as avoiding overshoots. Also economic performance will be enhanced if inflation targeting central banks in transition countries do not engage in active manipulation of the exchange rate. The relationship between the central bank and the government in these countries has been quite difficult, but this can be alleviated by having a direct government involvement in the setting of the inflation target and with a more active role of the central bank in communicating with both the government and the public. In addition having technocrats appointed as the head of the central bank rather than politicians may help in depersonalizing the conduct of monetary policy and increase support for the independence of the central bank. The paper also addresses the future perspective of monetary policy in the transition economies and concludes that even after the EU accession, inflation targeting can remain the main pillar of monetary strategy in the three examined accession countries during the time before they will join the EMU

Download or read book What Explains Persistent Inflation Differentials Across Transition Economies written by Mark J Flanagan and published by International Monetary Fund. This book was released on 2007-07 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Panel estimates based on 19 transition economies suggests that some central banks may aim at comparatively high inflation rates mainly to make up for, and to perhaps exploit, lagging internal and external liberalization in their economies. Out-of-sample forecasts, based on expected developments in the underlying structure of these economies, and assuming no changes in institutions, suggest that incentives may be diminishing, but not to the point where inflation levels below 5 percent could credibly be announced as targets. Greater economic liberalization would help reduce incentives for higher inflation, and enhancements to central bank independence could help shield these central banks from pressures.

Download or read book The Political Economy of Central bank Independence written by Sylvester C. W. Eijffinger and published by International Finance Section Department of Econ Ton Univers. This book was released on 1996 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Unelected Power written by Paul Tucker and published by Princeton University Press. This book was released on 2019-09-10 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.

Download or read book Central Bank Autonomy and Inflation and Output Performance in the Baltic States Russia and Other Countries of the Former Soviet Union 1995 97 written by Tonny Lybek and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Inflation in Transition Economies written by Mr.Atish R. Ghosh and published by International Monetary Fund. This book was released on 1997-07-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following very high inflation rates at the beginning of the reform process, most transition countries have succeeded in lowering their inflation to more moderate rates. Inflation rates in the Baltics, Russia, and other countries of the former Soviet Union are now typically in the range of 10–60 percent. This essay examines whether a further reduction in inflation may be necessary. It concludes that low inflation may be important for achieving remonetization of the economy and sustained output growth.

Download or read book Stabilization and Growth in Transition Economies written by Mr.Stanley Fischer and published by International Monetary Fund. This book was released on 1996-04-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly in most countries following an inflation stabilization program. Growth resumes after stabilization occurs, typically with a lag of about two years. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation, and confirms that inflation stabilization programs have been beneficial for growth even after controlling for structural reforms.

Download or read book Monetary Policy and Economic Development in Transitional Economies written by Maxwell J. Fry and published by . This book was released on 1998 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: