Main purpose of this paper is to analyse reserve requirements as one of the most controversial monetary policy tool at all. The first part of the paper focuses on reserve requirements in a broader context of the monetary policy of the SBCS, the CNB respectively, during the period 1989 - 1998....

Both the objective and the powers of the central bank are clearly specified in its legal framework. In this respect, its aims and activities are transparent and explicit. Monetary policy influences the monetary aggregates through market instruments, sending clear signals to economic agents...

The New EU entrants have face obstacles such as adjusting to a market economy, integration into The EU, and a single currency, to name a few. One major obstacle is the fact that the voting members consist of the six Executive Board members, and the 12 chairmen of the central banks of the...

The New EU entrants have face obstacles such as adjusting to a market economy, integration into The EU, and a single currency, to name a few. One major obstacle is the fact that the voting members consist of the six Executive Board members, and the 12 chairmen of the central banks of the...

The most important policy instruments of the Bundesbank and of the coming European Central Bank involve lending to domestic credit institutions. In this monetary setup, banks use short-term central bank credits extensively in order to refinance long-term loans to the public, which makes them...

The most important policy instruments of the Bundesbank and of the coming European Central Bank involve lending to domestic credit institutions. In this monetary setup, banks use short-term central bank credits extensively in order to refinance long-term loans to the public, which makes them...

Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced policy transparency and accountability. The paper considers its wider applicability to developing countries. The prerequisites for a successful IT framework are identified as an...

This paper proposes a stylized sequencing of banking supervision and bank restructuring measures designed to complement and expedite the adoption of indirect instruments of monetary policy. Appropriate sequencing reflects both operational considerations and macroeconomic effects of structural...

In economies in transition, the development of financial markets is a common objective linking the monetary and fiscal authorities, while monetary and public debt management cannot be strictly separated. This calls for close coordination of objectives and instruments of monetary and debt...

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...