Capital Flows in a Transitional Economy and the Sterilization Dilemma : The Hungarian Case /

This paper compares Hungary's experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate that sterilized interventions by the National Bank of Hungary (NBH) were not signifi...

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Detalles Bibliográficos
Autor Principal: Siklos, Pierre
Formato: Revista
Idioma:English
Publicado: Washington, D.C. : International Monetary Fund, 1996.
Series:IMF Working Papers; Working Paper ; No. 1996/086
Acceso en liña:Full text available on IMF
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100 1 |a Siklos, Pierre. 
245 1 0 |a Capital Flows in a Transitional Economy and the Sterilization Dilemma :   |b The Hungarian Case /  |c Pierre Siklos. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 1996. 
300 |a 1 online resource (36 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a This paper compares Hungary's experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate that sterilized interventions by the National Bank of Hungary (NBH) were not significant until mid-1994, sometime after the return to power of the former Communist leaders. Thus, in the second half of 1994, the NBH began to demonstrate more firmly its independence by tightening monetary policy. By the beginning of 1995, the direction of fiscal policy had begun to show consonance with the overall aims of monetary policy. 
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830 0 |a IMF Working Papers; Working Paper ;  |v No. 1996/086 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/1996/086/001.1996.issue-086-en.xml  |z IMF e-Library