The role of the czech national bank monetary instruments in interest rates targeting during transition

Zdeněk Dvorný

Prague Economic Papers, 2001, vol. 2001, issue 1

Abstract: In this paper, the recent development of Czech interest rates during the Czech Republic's transition to a market economy is discussed. First, the situation in the economy and in the banking sector, as well as the monetary policy of the central bank during the period of 1990 - 1999 is presented. However, the main focus is on monetary policy instruments and their application during transition. The paper also describes the targeting of the central bank's policy by using direct limitations in banking during 1990 - 1991 and refinancing instruments exploited during the period of 1991 - 1992. Finally, the central bank's orientation towards free market operations, starting in 1993, is discussed.

Keywords: Czech National Bank; monetary policy; refinancing; monetary instruments (search for similar items in EconPapers)
Date: 2001
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DOI: 10.18267/j.pep.163

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