MONETARY CONDITIONS INDEX IN ROMANIA. SOME CONSIDERATIONS

Elena Pelinescu, Ovidiu Slavoiu, Wilhelm Salater and Dana Sasu
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Ovidiu Slavoiu: National Bank of Romania, Bucharest
Wilhelm Salater: National Bank of Romania, Bucharest
Dana Sasu: National Bank of Romania, Bucharest

Journal for Economic Forecasting, 2000, issue 3, 69-74

Abstract: Romania may take into consideration the construction of a Monetary Conditions Index (MCI) as an indicator of the degree of tightening or easing in monetary policy. The authors raise the question whether the current development stage of financial markets and the progress in designing and implementing monetary policy set the framework needed for an effective use of MCI. Empirical analyses show that the exchange rate and M2 are the variables that fulfil the minimal requirements for their inclusion in the MCI.

Keywords: Monetary Conditions Index; monetary policy; exchange rate; M2 (search for similar items in EconPapers)
JEL-codes: C53 E52 E58 (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2000:i:3:p:69-74

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