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The Role of Transparency in the Conduct of Monetary Policy

Minegishi, Makoto; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2009

la transparence dans la conduite de la politique monétaire<BR>À rebours des habitudes de secrets et d’opacité qui ont pu … prévaloir par le passé, la transparence constitue désormais un moyen essentiel de mise en œuvre de la politique monétaire. Une … transparence. Les résultats empiriques sont cohérents avec l’hypothèse selon laquelle la transparence contribue à l’efficacité de …

Persistent link: https://www.econbiz.de/10008498035

Monetary Policy Responses to the Crisis and Exit Strategies

Minegishi, Makoto; Cournède, Boris - Economics Department, Organisation de Coopération et … - 2010

Central banks have responded with exceptional vigour to the crisis by using their traditional interest-rate tools to their limits and deploying a wide range of unconventional measures. This paper documents these responses in a systematic way, reviews the evidence about their impact, and...

Persistent link: https://www.econbiz.de/10008542499

Russia's Long and Winding Road to a more Efficient and Resilient Banking Sector

Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2009

In the decade following the 1998 financial crisis Russia’s banking system grew much larger and stronger – indeed, growth rates were dangerously high – but even before the onset of the current global crisis it continued to play a limited role in intermediating savings and investment,...

Persistent link: https://www.econbiz.de/10008498037

Banking Reform in Russia: Problems and Prospects

Tompson, William - Economics Department, Organisation de Coopération et … - 2004

prudentielle, des mesures pour renforcer la transparence du secteur, et l’adoption de dispositions visant à faciliter le …

Persistent link: https://www.econbiz.de/10005045927

Preparing for Euro Adoption in Poland

Kierzenkowski, Rafal - Economics Department, Organisation de Coopération et … - 2010

The objective of joining the euro area has become an important priority in the policy agenda of the current government. The paper focuses on the major structural reforms necessary to prepare for euro adoption that should allow a sustainable fulfilment of the Maastricht criteria and maximisation...

Persistent link: https://www.econbiz.de/10008461039

Tracking the Euro

Koen, Vincent; Boone, Laurence; Serres, Alain de; … - Economics Department, Organisation de Coopération et … - 2001

During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations proliferated ranging from fundamentals such as differences in growth prospects to psychological factors such as herd behaviour, but no single story fully accounts for the observed...

Persistent link: https://www.econbiz.de/10005045928

Policy Pre-Commitment and Institutional Design: A Synthetic Indicator Applied to Currency Boards

Gilson, Marie-Thérèse Camilleri - Economics Department, Organisation de Coopération et … - 2002

Currency boards have been portrayed as an extreme way of creating currency quality and improving monetary policy credibility in emerging market economies. Yet the link between currency board operations and credibility is far from obvious. Indeed, under the heading of currency boards, there is in...

Persistent link: https://www.econbiz.de/10005045978

The Challenges of Monetary Policy in Turkey

Çulha, Olcay; Çulha, Ali; Gönenç, Rauf - Economics Department, Organisation de Coopération et … - 2008

Monetary policy has been one of the main pillars of the post-2001 stabilisation programme. Encouraged by its success, the central bank shifted from implicit to explicit inflation targeting in 2006 and set a medium-term inflation target of 4%, applicable from end 2007. However this objective...

Persistent link: https://www.econbiz.de/10005046055

Strengthening the Macroeconomic Policy Framework in South Africa

Lysenko, Tatiana; Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2011

South Africa’s macroeconomic framework has served the economy well, but should be strengthened to make the economy more resilient to external shocks. Enhancing the credibility of the inflation target would provide the monetary authorities with more space for flexibility in the face of...

Persistent link: https://www.econbiz.de/10008854030

Towards a Flexible Exchange Rate Policy in Russia

Beck, Roland; Barnard, Geoff - Economics Department, Organisation de Coopération et … - 2009

In the years preceding the onset of the global financial crisis, the Central Bank of Russia (CBR) had two goals: to reduce inflation and limit the real appreciation of the rouble. Given the strength of Russia’s balance of payments during the ten years through the first half of 2008, the de...

Persistent link: https://www.econbiz.de/10008498033