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
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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.

Understanding Money Demand in the Transition from a Centrally Planned to a Market Economy

Understanding Money Demand in the Transition from a Centrally Planned to a Market Economy
Author: Anne-Laurie Delatte
Publisher:
Total Pages: 0
Release: 2013
Genre: Former communist countries
ISBN:
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Fundamental changes in institutions during the transition from a centrally planned to a market economy present a formidable challenge to monetary policy decision makers. For the case of China, we examine the institutional changes in the monetary system during the process of transition and develop money demand functions that reflect these institutional changes. We consider seasonal unit roots and estimate long run, equilibrium money demand functions, explicitly taking into consideration the changes in the institutional characteristics of China's financial system. Using a newly compiled dataset that covers an unprecedented long time period of 1984-2010 at the quarterly frequency, we are able to draw conclusions on the transitions in households', firms', and aggregate money demand, on the role of the credit plan and interest rates, on the mechanisms of macroeconomic control during economic transition, and on theoretical questions in the development and money literature.

China's Financial Sector Reform in the Transition to a Market Economy

China's Financial Sector Reform in the Transition to a Market Economy
Author: Feng Wei
Publisher: Mohr Siebeck
Total Pages: 334
Release: 2000
Genre: Business & Economics
ISBN: 9783825845551
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" The book is a problem-oriented study of China's financial sector in the transitional process since 1979. It provides deep and precise insights into the characteristics and problems of China's financial sector with respect to investment finance, the central banking and commercial banking systems, the financial market, and the legal and institutional framework of bank supervision in China. More importantly, the book has also proposed workable strategies for resolving two acute problems: interest rate liberalization and solving the issue of non-performing loans in China's banking system. The recent financial crisis in Asia is also a subject of the book, especially as regards its effects on the banking sector, stock markets, and extemal financial market liberalization in China. Furthermore, a projection is made about the trends in Chinese economic policies, particularly the interest rate policy, the exchange rate policy, and the fiscal policy, and about the perspectives of China's financial sector reform. This book is a valuable reference for academic researchers, investors, business managers, and policy-makers who are concemed with China's banking and financial system. "

Socialist People’s Libyan Arab Jamahiriya

Socialist People’s Libyan Arab Jamahiriya
Author: International Monetary Fund
Publisher: International Monetary Fund
Total Pages: 51
Release: 2005-03-08
Genre: Business & Economics
ISBN: 1451823061
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This 2004 Article IV Consultation highlights that the Libyan economy remains largely state controlled and heavily dependent on the oil sector. Since the lifting of the Libya-specific trade sanctions of the United Nation and United States in September 2003 and September 2004, respectively, the pace of economic and structural reforms has picked up somewhat, with the implementation of measures aimed at enhancing the role of the private sector in the economy. However, these reforms continue to be implemented in an ad hoc and nontransparent manner.

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
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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.