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    Monetary Policy Rules in Some Transition Economies

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    Vol.2-No.3-2014-2.pdf (579.4Kb)
    Issue Date
    2014
    Author
    El-Hodiri, Mohamed
    Mukhamediyev, Bulat
    Publisher
    Eurasian Publications
    Type
    Article
    Article Version
    Scholarly/refereed, publisher version
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    Abstract
    In this paper we examine the question of whither monetary rules or ad hoc monetary policies were followed during the early stages of transition and in response to the global financial crisis. We study Eastern European countries and thee CIS countries. We find that during the early of transition, both developed economies and economies in transition used the monetary base, as well as the interest rate, as the main tools for monetary policy. However, in response to the global crises, priority was given to the main objective such as containing inflation and supporting economic growth. Monetary authorities had the additional possible choice of alternative objectives, such as stabilization of nominal exchange rate and real effective exchange rate, or increase in reserves. It was found that countries mostly retained priorities of monetary policy and some of them gave a greater importance to the alternative objectives.
    Description
    This is the published version. Copyright 2014 Eurasian Publications
    URI
    http://hdl.handle.net/1808/19155
    DOI
    https://doi.org/10.15604/ejef.2014.02.03.002
    Collections
    • Center for Russian, East European, and Eurasian Studies Scholarly Publications [557]
    • Economics Scholarly Works [173]
    Citation
    El-Hodiri, Mohamed A. and Bulat Mukhamediyev. "Monetary Policy Rules in Some Transition Economies." Eurasian Journal of Economics and Finance EJEF 2.3 (2014): 26-44. http://dx.doi.org/10.15604/ejef.2014.02.03.002

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    Contact KU ScholarWorks
    785-864-8983
    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    785-864-8983

    KU Libraries
    1425 Jayhawk Blvd
    Lawrence, KS 66045
    Image Credits
     

     

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