Monetary policies of Poland, Hungary and the Czech Republic have undergone a significant transformation in the 1990s. The initial currency peg and the exchange-rate-based monetary policy have been gradually replaced by more flexible exchange rates and money-based policies. Preparations for...

This study proposes relative inflation forecast targeting as an operational framework of monetary policy for adopting the euro by the EU new Member States. This strategy assumes containing differentials between the domestic and the eurozone inflation forecasts as an operational target. A model...

This paper summarizes the IMF advice on the ruble area as it was presented to the national authorities in Russia, the Baltic countries, and other states of the former Soviet Union in 1991-93. In the course of doing so, the paper corrects some misperceptions that have arisen about the IMF`s role....

Interest rate pass-through from policy interest rates to market rates and inflation has been hypothesized to play a lesser role in Romania than in other Central European transition economies. This paper tests this hypothesis and concludes that it cannot be supported by the data. Hence...

This study employs the auto regressive distributed lag (ARDL) model to ascertain the relative effectiveness of monetary and fiscal policies in Nigeria using a quarterly time-series from 1981-2012. From our analysis, it discovered that monetary and fiscal policies both have significant positive...

The movement pattern of the Industry Adaptability Index over different periods demonstrates that in the Russian economy, biggest enterprises can better adapt to external conditions. Small and medium-sized ones adapt less successfully. This observation was also confirmed by data for...

This paper traces the history of China's reform of its monetary policy framework and analyzes its success and problems. In the context of financial marketization and the failure of the quantity-targeting framework, the People's Bank of China transformed its monetary policy framework toward one...

In November 2018, Russia's Federal Antimonopoly Service (FAS Russia) and Ministry of Energy (MinEnergo) came to an agreement with Russian oil companies to freeze petroleum products prices in the country until March 2019, which may be a headwind for fiscal regulation policies in the Russian...

In March 2013 the consumer price index made 0.3% (0.6% in March 2012), which is less than in February of this year by 0.3 p.p. In April, inflation has also increased: within 15 days of the month CPI made 0.3%. As a result, inflation reached in annual terms has reached 7.0%. In Q1 2013, according...

A tax maneuver in the oil and oil refining industries contributed to some changes in the pattern of production of petrochemicals: the total volume of oil refining decreased, while the volume of production of motor gasoline increased somewhat. It is to be noted that the tax maneuver had an effect...