 Financial Transition in Central and Eastern Europe. A NoteMarcello Cecco Chapter 6 in Transition and Beyond, 2007, pp 133-148 from Palgrave Macmillan Abstract: Abstract The 5 years following the terrorist attack on the World Trade Center have witnessed what may be called the initiation and pursuit of a war-time monetary policy on the part of the main world monetary authorities, in particular those of the United States (US), Japan and the European Monetary Union (EMU). The very day the terrorist attack was perpetrated, the Federal Reserve put into action a strategy of flooding markets with very cheap liquidity, and persevered in it for almost 5 years, in order to allay any fear of implosion of the US and the international financial and monetary system. The Central Bank of Japan and the European Central Bank (ECB) followed suit. This created extremely expansionary conditions from which the US and other Pacific Basin countries particularly benefited. The easy money atmosphere, however, especially helped other countries too, like those of Latin America, and the ones which are now called ‘New Europe’, the transition economies of Central and Eastern Europe (CEE; in what follows I do not include the former Soviet Union countries in my definition of CEE). Keywords: Central Bank; Banking System; Commercial Bank; European Central Bank; European Monetary Union (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-0-230-59032-8_7 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Studies in Economic Transition from Palgrave Macmillan |
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