IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_1767-4603_2001_hos_6_1_4563.html
   My bibliography  Save this article

Central Banking in Transition: an Overview of Main Issues Ten Years After

Author

Listed:
  • Warren Coats
  • Marko Skreb

Abstract

[fre] Banques centrales en transition : vue d’ensemble des principaux problèmes après dix ans . Cet article analyse les transformations que les Banques centrales des PECO ont enregistrées au cours de la transition. Elles ont été transformées pour passer d’un système socialiste monobancaire à un système de Banques centrales modernes et indépendantes. La plupart ont la stabilité des prix pour principale mission, mais la politique monétaire a connu des changements décisifs à mesure que les pays abandonnaient l’action directe de la politique monétaire au profit de l’action indirecte. L’environnement monétaire et financier a évolué, mais, dans certains pays, beaucoup reste à faire dans ces domaines. L’avenir des Banques centrales en transition est étroitement lié aux liens que ces pays entretiennent avec l’UE. Cependant, même lorsque les Banques centrales en transition céderont leurs fonctions monétaires à la BCE, elles auront encore un rôle important à jouer dans de nombreux domaines. . Classification JEL : E52, E58, P20, P34 [eng] This paper analyse the significant changes CEECs’ Central Banks have undergone in the transition. They have been completely transformed from socialist monobanking system to modern, independent Central Banks with the same functions as any Central Bank in a developed economy. Almost all Central Banks have price stability as their main mandate. Monetary policy underwent crucial changes as countries switched from direct to indirect instruments of monetary policy. The monetary and financial environment has changed as well, but in some countries a lot remains to be done in those areas. The future of Central Banks in transition depends very much on the relations of countries with EU. But, even when transition central banks cede their monetary functions to the ECB, they will have an important role to play. . JEL classifications : E52, E58, P20, P34

Suggested Citation

  • Warren Coats & Marko Skreb, 2001. "Central Banking in Transition: an Overview of Main Issues Ten Years After," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 265-286.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2001_hos_6_1_4563
    DOI: 10.3406/ecofi.2001.4563
    Note: DOI:10.3406/ecofi.2001.4563
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2001.4563
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ecofi_1767-4603_2001_hos_6_1_4563
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ecofi.2001.4563?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Loungani, Prakash & Sheets, Nathan, 1997. "Central Bank Independence, Inflation, and Growth in Transition Economies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(3), pages 381-399, August.
    2. Blejer,Mario I. & Skreb,Marko (ed.), 1999. "Financial Sector Transformation," Cambridge Books, Cambridge University Press, number 9780521640374, September.
    3. Blejer,Mario I. & Skreb,Marko (ed.), 1997. "Macroeconomic Stabilization in Transition Economies," Cambridge Books, Cambridge University Press, number 9780521581776, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Warren Coats & Marko Skreb, 2001. "Banques centrales en transition : vue d'ensemble des principaux problèmes après dix ans," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 289-314.
    2. Warren Coats & Marko Škreb, 2002. "Ten Years of Transition - Central Banking in the CEE and the Baltics," Surveys 7, The Croatian National Bank, Croatia.
    3. repec:zbw:bofitp:1999_009 is not listed on IDEAS
    4. Christoph S. Weber, 2018. "Central bank transparency and inflation (volatility) – new evidence," International Economics and Economic Policy, Springer, vol. 15(1), pages 21-67, January.
    5. Berlemann, Michael & Hilscher, Kai, 2010. "Effective monetary policy conservatism: A comparison of 11 OECD countries," HWWI Research Papers 2-21, Hamburg Institute of International Economics (HWWI).
    6. Berlemann, Michael & Hielscher, Kai, 2009. "Measuring Effective Monetary Policy Conservatism," Working Paper 89/2009, Helmut Schmidt University, Hamburg.
    7. Cukierman, Alex & Miller, Geoffrey P. & Neyapti, Bilin, 2002. "Central bank reform, liberalization and inflation in transition economies--an international perspective," Journal of Monetary Economics, Elsevier, vol. 49(2), pages 237-264, March.
    8. Lucio Vinhas de Souza, 2002. "Integrated monetary and exchange rate frameworks: are there empirical differences?," Bank of Estonia Working Papers 2002-2, Bank of Estonia, revised 12 Oct 2002.
    9. Dvorsky, Sandra, 2000. "Measuring central bank independence in selected transition countries and the disinflation process," BOFIT Discussion Papers 13/2000, Bank of Finland, Institute for Economies in Transition.
    10. Mr. Sanjeev Gupta & Mr. Alejandro Simone & Mr. Alex Segura-Ubiergo, 2006. "New Evidence on Fiscal Adjustment and Growth in Transition Economies," IMF Working Papers 2006/244, International Monetary Fund.
    11. Luis Jácome & Francisco Vázquez, 2005. "Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean," Macroeconomics 0508011, University Library of Munich, Germany.
    12. Jan Babecky & Tomas Havranek, 2014. "Structural reforms and growth in transition," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 22(1), pages 13-42, January.
    13. Eli M. Salzberger & Stefan Voigt, 2003. "On the Delegation of Powers – With Special Emphasis on Central and Eastern Europe," Chapters, in: Ram Mudambi & Pietro Maria Navarra & Giuseppe Sobbrio (ed.), Economic Welfare, International Business and Global Institutional Change, chapter 14, Edward Elgar Publishing.
    14. Adel BOUGHRARA, 2007. "Can Tunisia Move To Inflation Targeting?," The Developing Economies, Institute of Developing Economies, vol. 45(1), pages 27-62, March.
    15. Athanasios Papadopoulos & Giuseppe Diana & Moise Sidiropoulos, 2005. "Central Bank Reform and Inflation Dynamics in the Transition Economies theory and some evidence," Money Macro and Finance (MMF) Research Group Conference 2005 58, Money Macro and Finance Research Group.
    16. Philipp F. M. Baumann & Enzo Rossi & Alexander Volkmann, 2020. "What Drives Inflation and How: Evidence from Additive Mixed Models Selected by cAIC," Papers 2006.06274, arXiv.org, revised Aug 2022.
    17. Iwasaki, Ichiro & Kumo, Kazuhiro, 2016. "Decline and Growth in Transition Economies: A Meta-Analysis," CEI Working Paper Series 2016-9, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    18. Serhan Cevik & Tianle Zhu, 2020. "Trinity Strikes Back: Monetary Independence And Inflation In The Caribbean," Journal of International Development, John Wiley & Sons, Ltd., vol. 32(3), pages 375-388, April.
    19. Tamim Bayoumi & Giovanni Dell'Ariccia & Karl F Habermeier & Tommaso Mancini Griffoli & Fabian Valencia, 2014. "Monetary Policy in the New Normal," IMF Staff Discussion Notes 14/3, International Monetary Fund.
    20. Qichun He & Heng-fu Zou, 2024. "Central Bank Independence and Inflation: Schumpeterian Theory and Evidence," Annals of Economics and Finance, Society for AEF, vol. 25(2), pages 463-500, November.
    21. Mark Hallerberg & Lúcio Vinhas de Souza & William Roberts Clark, 2002. "Political Business Cycles in EU Accession Countries," European Union Politics, , vol. 3(2), pages 231-250, June.

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_1767-4603_2001_hos_6_1_4563. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.