Monetary And Banking Reform In Postcommunist Economies

"This book will be essential and challenging reading for political scientists and economists as well as policymakers in NGOs. such as aid agencies and the institutions of the EU."--BOOK JACKET.

This book presents a review of the problems of transformation as well as the results of implementation of the financial-currency policy in the post-communist countries. It contains characteristics of alternative circumstances of implementation of the financial policy and the conclusions on their possible transformation. It gives the review of the impediments existing in the exchange rate regulations of different countries and the results obtained in the course of nearest experience are also illuminated. The work is targeting at reviewing the subtleties of the transformational development projected to the foreign currency risks. Paramount importance is attributed to those exchange rate regimes, which have become a major catalyst of economic development in a number of countries. The study is intend to define: a) Likelihood of a rise of currency policy challenges now at the base of experience of the financial crisis of 90,s in the post communist countries and b) Exchange regime options that are rationale for the countries.

Research Paper (undergraduate) from the year 2011 in the subject Economics - History, grade: A+, University of Toronto, language: English, abstract: The paper’s organization is as follows. First we discuss what we mean by transition, “big bang”, and “gradual” and we clear up the discrepancy in the literature regarding whether or not the Czech experience adhered to “big bang” or “gradualism” (it used both in fact). Second, we discuss the inefficiencies in the Czech experience: employment, strategy, and finances, which showed up in the gradual phases of transition. Third, we discuss the Czech Republic’s reaction to these inefficiencies. Fourth, we analyze the significance of setting. Fifth, we conclude by comparing the Czech experience to other post-communist countries and by discussing what comes next.

This book sheds light on ​the Soviet economic system, which claimed the eventual abolition of money, collapsed following a monetary turmoil. It argues that the cause of the economic collapse was embedded in the design of the economic system. The Soviet economic system restricted the market, but continued to use fiat money. Consequently, it faced the question for which no feasible answer seemed to exist: how to manage fiat money without data and information generated by the market? Using Soviet data newly available from the archives, the book evaluates the performance of the components of monetary management mechanism, discovers the continuous accumulation of open and secret government debts, and quantitatively analyzes the relationship between economic growth and the money supply to support the argument. The book concludes that the Soviet economic collapse marked the end of the long history of Soviet monetary mismanagement.

Explains the surprising endurance of neoliberal policymaking over two decades in post-Communist countries, from 1989-2008, and its decline after the financial crash.

States and banks have traditionally maintained close ties. At various points in time, states have used banks to manage their economies and soak up government debt, while banks enjoyed regulatory forbearance, restricted competition, and implicit or explicit guarantees from their home markets. The political foundations of banks have thus been powerful and enduring, with actors on both sides of the aisle reluctant to sever relations. The central argument of this book, however, is that in the world's largest integrated market, Europe, the traditional political ties between states and banks have been transformed. Specifically, through a combination of post-communist transition, monetary union, and economic crisis, states in Europe no longer wield preponderant influence over their banks. Banking on Markets explains why we have witnessed the radical denationalization of this politically vital sector, as well as the consequences for economic volatility and policy autonomy. The findings in Europe have implications for other world regions, which, to varying degrees, have also experienced intensified pressure on their traditional models of domestic political control over finance. Through an investigation of foreign bank behavior in economic crises, the developmental consequences of political control over banks and the emergence of European Banking Union in the Eurozone, the book advances three main findings. First is that foreign bank ownership need not necessarily lead to economic vulnerability of host states. Second is that marketized bank-state ties do, however, limit pathways to catching up in the global economy. And third is that European Banking Union has strengthened the euro's credibility while cutting down substantially on Eurozone member states' economic policy discretion. This book details the intense political struggles that have underpinned all three outcomes. Co-Winner of the 2018 Ed A Hewett Book Prize awarded by the Association for Slavic, East European, and Eurasian Studies.

Priests of Prosperity explores the unsung revolutionary campaign to transform postcommunist central banks from command-economy cash cows into Western-style monetary guardians. Juliet Johnson conducted more than 160 interviews in seventeen countries with central bankers, international assistance providers, policymakers, and private-sector finance professionals over the course of fifteen years. She argues that a powerful transnational central banking community concentrated in Western Europe and North America integrated postcommunist central bankers into its network, shaped their ideas about the role of central banks, and helped them develop modern tools of central banking. Johnson's detailed comparative studies of central bank development in Hungary, the Czech Republic, Slovakia, Russia, and Kyrgyzstan take readers from the birth of the campaign in the late 1980s to the challenges faced by central bankers after the global financial crisis. As the comfortable certainties of the past collapse around them, today’s central bankers in the postcommunist world and beyond find themselves torn between allegiance to their transnational community and its principles on the one hand and their increasingly complex and politicized national roles on the other. Priests of Prosperity will appeal to a diverse audience of scholars in political science, finance, economics, geography, and sociology as well as to central bankers and other policymakers interested in the future of international finance, global governance, and economic development.