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

Tomás J. T. Baliño, Juhi Dhawan and V. Sundararajan
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Tomás J. T. Baliño: International Monetary Fund
Juhi Dhawan: International Monetary Fund
V. Sundararajan: International Monetary Fund

IMF Staff Papers, 1994, vol. 41, issue 3, 383-410

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 starting 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 toward a market economy, from which certain lessons can be drawn.

JEL-codes: E58 G21 P34 (search for similar items in EconPapers)
Date: 1994
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