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Working Paper
Lessons from the Japanese main bank system for financial system reform in Poland

Working Paper Series, Macroeconomic Issues , Paper 93-6

Conference Paper
Lessons from the Japanese main bank system for financial system reform in Poland

Proceedings , Paper 382

Journal Article
The evolution of monetary policy in transition economies

The last decade of the 20th century brought about many economic and financial changes in the economies of the former communist countries. This paper provides an overview of the developments that took place in the areas of financial markets and institutions and monetary policy in three of the most advanced transition economies, namely, the Czech Republic, Hungary and Poland. After examining the evolution of monetary policy in each country, the problems that monetary authorities have faced in these countries are highlighted, and the current approach to managing inflation is described. Although ...
Review , Volume 82 , Issue Mar , Pages 31-40

Conference Paper
The impact of deposit insurance reform on market discipline in Poland

Proceedings , Paper 603

Working Paper
Bank time deposit rates and market discipline in Poland: the impact of state ownership and deposit insurance reform

This paper examines the impact of ownership structure and changes in the deposit insurance system on the market for bank time deposits in Poland. In an environment of less restrictive bank supervision and a deposit insurance policy that favored state banks, we find depositors exacted a price for risk taking. After a new law increasing coverage for private banks went into effect, however, bank specific variables became less important in explaining differences in deposit interest rates. We report that the three fully guaranteed state banks pay significantly lower rates that private banks. ...
Working Paper Series , Paper WP-98-13

Journal Article
Banking reform in a transition economy: the case of Poland

Polish banks have been weakened by large loan losses and low capital. Recapitalization and better economic conditions have strengthened the industry, but problems remain, especially among some large state-owned banks. Continued improvement of the banking system will require additional domestic or foreign capital to strengthen reserves and to modernize operations.
Economic Perspectives , Volume 21 , Issue Mar , Pages 16-32

Working Paper
The end of moderate inflation in three transition economies?

This paper examines the ending of moderate rates of inflation in three transition economies, the Czech Republic, Hungary and Poland at the end of 1998. We argue that the institutions for the conduct of monetary policy in these countries were relatively weak and that monetary policy was unsupported by fiscal policy and hampered by multiple objectives. Using a VAR model of inflation, we show that, under a variety of assumptions, foreign prices and the persistence of inflation are the key determinants of inflation in these countries. From this finding we conclude that the end of moderate ...
Working Papers , Paper 1999-003

Working Paper
Sources of real and nominal exchange rate fluctuations in transition economies

This paper provides an empirical inquiry into the sources of movements of the real and nominal exchange rates in Hungary and Poland for during the 1990:01-1998:02 period. We decompose the exchange rate movements into those attributable to real and nominal shocks, we find that (1) nominal shocks have played a significant role in Poland, but not in Hungary, in explaining real exchange rate movements during the transition period. Instead, real shocks have dominated real exchange movements in Hungary and (2) nominal shocks explain almost all of nominal exchange rate movements in Poland and a ...
Working Papers , Paper 1998-022



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