search query: @journal_id 1091 / total: 715
reference: 135 / 715
| Author: | Thieme, H. J. |
| Title: | Vloga in meje monetarne politike |
| Journal: | Bancni vestnik
1994 : VOL. 43:1-2, p. 5-9 |
| Index terms: | |
| Freeterms: | Eastern Europe, post-socialist countries monetary systems, monetary policy, economic reform, monetary reform |
| Language: | slv |
| Abstract: | The author first offers an in depth description of causes and effects of an excessive money supply in the centrally planned economies, then, goes on to explain the strategies by which to reduce the monetary disequilibrium and, next, tackles the problems of current reforms in the post-socialist economies and lists major obstacles to their restructuring.The author points out that the objectives of socialist enterprises were not in line with the general objectives as the main characteristic of these enterprises was a great thirst for loans.It was known that in the centrally planned economies illiquid companies were given "un-scheduled" loans, their debts were written off and other means of support were provided.The situation brought about a monetary disequilibrium and increased the indebtedness of the state through the creation of extra money.To avoid any further monetary disequilibriums in East European countries, it is necessary to decrease the impact of state owned enterprises and households on the money supply, to reform the overall banking system and to give the central bank a monopoly right to control the primary money supply.There should be a well defined institutional barrier between the creation of money and accumulation of capital.The author admits that in the socialist economies certain formal changes have occurred recently, i.e. the central banks have at least formally become autonomous.However, the author stresses that in those countries the relationship between the central bank and the government is unclear, competition between commercial banks is weak, the reform of ownership relations has not been carried out yet, and bankruptcy rules are not strictly observed. |
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