CENTRE FOR ECONOMIC PERFORMANCE DISCUSSION PAPER NO.141 April 1993 CREATING STABLE MONETARY SYSTEMS IN POST-COMMUNIST ECONOMIES
نویسنده
چکیده
The primary function of banks during economic transformation is seen to be provision of an efficient payments mechanism. The lack of banking skills, particularly in credit allocation, is seen as the major problem in achieving stable monetary systems. This is a problem which can be expected to last many years. The solution is to limit banks to very safe assets (initially central bank liabilities). Combining such safe banks with a monetary rule would provide stable monetary systems during transition. This paper was produced as part of the Centre's Programme on Post-Communist Reform CREATING STABLE MONETARY SYSTEMS IN POST-COMMUNIST ECONOMIES
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