Central Banking, Monetary Policies, and the Implications for Transition Economies PDF
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Central Banking, Monetary Policies, and the Implications for Transition Economies Central Banking, Monetary Policies, and the Implications for Transition Economies Mario 1. Blejer Marko Skreb ..... " Springer Science+Business Media, LLC Library of Congress Cataloging-in-Publication Data Blejer, Mario 1. Central banking, monetary polieies, and the implieations for transition eeonomies / by Mario 1. Blejer and Marko Skreb. p.e.m. Includes bibliographieal referenees and index. ISBN 978-1-4613-7365-0 ISBN 978-1-4615-5193-5 (eBook) DOI 10.1007/978-1-4615-5193-5 1. Banks and banking, Central. 2. Monetary poliey. 3. Banks and banking, Central --Europe, Eastern. 1. Skreb, Marko, 1957 II. Title HGl811.B541999 332.1'1 --de21 99 -11865 CIP Copyright ® 1999 by Springer Science+Business Media New York Originally published by Kluwer Academic Publishersin 1999 Softcover reprint of the hardcover lst edition 1999 AII rights reserved. No part of this publieation may be reprodueed, stored in a retrieval system or transmitted in any form or by any means, meehanieal, photo eopying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC. Printed on acid-free paper. Contents About the Editors ix Introduction 1 Central Banking and Monetary Policies: Major Issues and Implications for Transition Economies 3 Mario I. Blejer and Marko Skreb II 9 Central-Bank Independence 2 Central-Bank Independence and Monetary Policy 11 Jacob A. Frenkel 3 Central Banking in a Democratic Society: Implications for Transition Countries 31 Frederick S. Mishkin 4 Central-Bank Independence and Political Business Cycles: A Critical Reexamination 55 Allan Drazen 5 Political Culture and the Political Economy of Central-Bank Independence 73 Arye L. Hillman VI CONTENTS III 87 Defining Central-Bank Functions 6 Central Banking and Economic Development 89 Maxwell J. Fry IV 141 Central Banks and Financial Soundness 7 Central Banks, Asset Bubbles, and Financial Stability 143 George G. Kaufman 8 The Conduct of Monetary Policy and Banking Soundness: A Siovenian Episode 185 Velimir Bole V 213 Disinflation and the Role of Nominal Targets 9 Monetary Policy Strategies for Disinflation: Lessons from Recent Experiences in Transition Economies and Israel 215 Gil Bufman and Leonardo Leiderman ~ 271 Currency Crises and Capital Controls 10 Speculative Attacks and Capital Mobility 273 Charles Wyplosz 11 Nascent Capital Flows, Learning, and Chilean-Type Controls 297 Marcelo Selowsky and Ricardo Martin 12 The Role of the Central Bank in Capitals Account Liberalization: The Case of Croatia 317 Velimir Sonje VII 339 Currency Boards 13 Some Reflections or Currency Boards 341 Stephen H. Hanke CONTENTS vii 14 The Central Bank of Bosnia and Herzegovina: Its History and Its Issues 367 Warren Coats VIII 401 EMU and Transition Economies 15 The International Impact of the Euro and Its Implications for Transition Countries 403 Robert A. Mundell 16 Monetary and Exchange-Rate Policy of Transition Economies of Central and Eastern Europe After the Launch of EMU 429 Paul A. Masson Index 453 About the Editors Mario I. Blejer is senior advisor at the Monetary and Exchange Affairs Department of the International Monetary Fund and currently holds the Walter Rathenau Chair in Economics at the Hebrew University of Jerusalem. He began his career at the IMF in 1980, and during his tenure he has been involved in a wide range of issues, including work on the assess ment of the effectiveness of Fund stabilization programs, financial policies, and economic reforms. He was chief of the Fund's Fiscal Studies Division and also worked as head of the Macroeconomic Division of the World Bank in the early 1990s. He was in charge of the preparation of the mone tary and financial section of the Joint Study of the Soviet Economy, pro duced by the IMF together with the World Bank, the OECD, and the EBRD in 1990. Mario I. Blejer took a B.A. and a M.A. from the Hebrew University of Jerusalem and received a Ph.D. in economics from the University of Chicago. He worked at the Center for Monetary Studies in Latin America (Mexico) and has taught at Boston University, New York University, and the Graduate Institute for International Studies in Geneva. He has Served as a consultant with the Inter-American Development Bank and currently maintains recurrent visiting professorial appointments at the Central Euro pean University in Budapest and at the Universidad de San Andres in Buenos Aires. He is currently a member of board of editors of the Euro pean Journal of Political Economy. His numerous articles have appeared in international journals including the American Economic Review, the Journal of Political Economy, the Review of Economics and Statistics, and others and have dealt with fiscal issues, trade and balance-of-payment problems, monetary economics, and economic stabilization and liberalization in Latin America and in x ABOUT THE EDITORS economies in transition. He is the author of several books and has also coedited a large number books on fiscal policies, international macro economic issues, and economic and financial reforms. His most recent publications include The Making of Economic Reforms in Eastern Europe: Conversations with Leading Reformers in Poland, Hungary, and the Czech Republic (with F. Coricelli); Financial Factors in Economic Stabilization and Growth (with L. Leiderman et al.); The Macroeco nomic Dimensions of Public Finance (with T. Ter-Minassian); Macroeco nomic Stabilization in Transition Economies (with M. Skreb); and Financial Sector Transformation: Lessons from Transition Economies (with M. Skreb). Marko Skreb received a B.A. (1980), an M.A. (1984), and a Ph.D. (1990) in economics from the Faculty of Economics at the University of Zagreb (Croatia). He received a certificate from the Salzburg Seminar in American Studies (Austria) in August 1984 and a certificate from the Economics Institute (Boulder, Colonado) in August 1987 as a Fulbright fellow. Also as a Ful bright fellow, he spent academic year 1987 to 1988 at the Department of Economics at the University of Pittsburgh. He started his professional work as planner at the Bureau of Planning of Croatia and continued it as assistant and then senior assistant at the Faculty of Economics, the Department of National Economy. From Sep tember 1991 to November 1992, he was assistant professor at the Depart ment for Macroeconomics and Economic Policy. He became director of the Croatian National Bank Research and Analy sis Department in 1992, which has since expanded into the Research and Statistics Area. He was appointed economic adviser to the President of the Republic of Croatia in 1995 and was appointed for a six-year term as governor of the Croatian National Bank in 1996, the youngest governor of the central mon etary authority ever to be appointed in the new Croatian state. Since 1997, he also has been associate professor at the University of Zagreb. In 1997, he was awarded Central European Annual Award for Excel lence-Best Central Bank Governor and was proclaimed the Best Eastern European Banker by Euromoney Publications. He received the Order of Prince Branimir with Collar for his outstanding contributions to promoting the international position and reputation of the Republic of Croatia and the Order of the Croatian Morning Star with the Figure of Blaz Lorkovic for exceptional achievements in economy. ABOUT THE EDITORS xi He is also the author of innumerable articles, books, and other publica tions and has been an active participant in a number of conferences, semi nars, and workshops. His publications include "Croatia: An Insider's View of Transition," Sais Review 18(2) (Summer) (Summer-Fall, 1988); Macro economic Stabilization in Transition Economies (coedited with Mario I. Blejer, 1997); "A Paradox of Transition to a Market Economy: How Will the Role of the State Change?" (with Ivo Bicanic), in F. Targetti (ed.), Privati zation in Europe: West and East European Experiences (1992); "Service Policy and Development," in S. Sharma (ed.), Development Policy (1992); "The Service Sector in East European Economies: What Role Can It Play in Future Development?" (with Ivo Bicanic), Communist Economies and Economic Transformation 3(2) (1991). I INTRODUCTION
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