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Systèmes de financement et efficacité de la politique monétaire : Hongrie, Pologne, Russie

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  • Yves Zlotowski
  • Nathalie Ricoeur-Nicolaï

Abstract

[fre] Systèmes de financement et efficacité de la politique monétaire. . À travers trois exemples d'économies en transition (Hongrie, Pologne et Russie), nous cherchons à mettre en évidence les contradictions internes à la transition monétaire et financière. L'accent mis sur la stabilisation monétaire au cours de la première période de transition a conduit à retenir des politiques monétaires restrictives, dont l'efficacité a été entravée par les caractéristiques structurelles des systèmes financiers. Dans les quelques rares économies ayant néanmoins franchi ce cap, le système financier s'en est trouvé dégradé et peu apte à répondre aux exigences de financement de l'économie imposées par la phase de reconstruction du système productif. [eng] Financing systems and monetary policy efficiency (hungary, poland, russia). . By analysing 3 examples of economies in transition (Hungary, Poland, Russia), we emphasize the internal inconsistencies in the financial and monetary aspects of the transition. The monetary stabilization during the first part of the transition involved tight monetary policies while the structural characteristics of the financial system reduced their efficiency. In the rare cases where economies managed to stabilize phase, the con­sequences of such a period are a deteriorated financing system, more or less unable to meet the financing requirements of the economy demanded by the productive system in the reconstruction phase.

Suggested Citation

  • Yves Zlotowski & Nathalie Ricoeur-Nicolaï, 1995. "Systèmes de financement et efficacité de la politique monétaire : Hongrie, Pologne, Russie," Revue Économique, Programme National Persée, vol. 46(2), pages 457-479.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_2_409654
    DOI: 10.3406/reco.1995.409654
    Note: DOI:10.3406/reco.1995.409654
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    References listed on IDEAS

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    1. David Begg & Richard Portes, 1993. "Enterprise debt and economic transformation (Financial restructuring of the state sector in Central and Eastern Europe)," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 1(1), pages 116-117, January.
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