Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

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.

Banks and Banking --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Central Banks and Their Policies --- Current Account Adjustment --- Short-term Capital Movements --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Demand for Money --- International Investment --- Long-term Capital Movements --- Currency --- Foreign exchange --- Monetary economics --- Banking --- International economics --- Real exchange rates --- Monetary base --- Sterilization --- Demand for money --- Capital flows --- Money --- Central banks --- Balance of payments --- Money supply --- Capital movements --- Hungary

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)