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The Payments Systems Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe

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  • International Monetary Fund

Abstract

The paper discusses the interrelationships between payments system reform and monetary policy implementation in selected countries in Central and Eastern Europe. The reforms in the payments system are viewed as closely interrelated with the development of money and foreign exchange markets and the instruments of monetary policy used by the central banks. Large and variable float balances created special challenges. The paper shows that while departing from very similar origins, there were significant variations in experiences of the countries studied in transforming their payments systems after the start of the reforms towards a market economy, from which certain lessons can be drawn.

Suggested Citation

  • International Monetary Fund, 1994. "The Payments Systems Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe," IMF Working Papers 1994/013, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1994/013
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    Citations

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    Cited by:

    1. Merrouche, Ouarda & Nier, Erlend, 2012. "Payment systems, inside money and financial intermediation," Journal of Financial Intermediation, Elsevier, vol. 21(3), pages 359-382.
    2. Buch, Claudia M., 1995. "Monetary policy and the transformation of the banking system in Eastern Europe," Kiel Working Papers 676, Kiel Institute for the World Economy (IfW Kiel).
    3. Buch, Claudia M. & Koop, Michael J. & Schweickert, Rainer & Wolf, Hartmut, 1995. "Währungsreformen im Vergleich: monetäre Strategien in Rußland, Weißrußland, Estland und der Ukraine," Open Access Publications from Kiel Institute for the World Economy 831, Kiel Institute for the World Economy (IfW Kiel).
    4. Schoors, Koen, 2003. "The effect of Soviet monetary disintegration on the collapse of trade between members of the Commonwealth of Independent States," Economic Systems, Elsevier, vol. 27(1), pages 1-26, March.
    5. Loretan, Mico, 1996. "Economic models of systemic risk in financial systems," The North American Journal of Economics and Finance, Elsevier, vol. 7(2), pages 147-152.
    6. Bas Aarle & Nina Budina, 1997. "Financial repression, money growth, and seignorage: The Polish experience," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 133(4), pages 683-707, December.

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