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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

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Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.

Banks and banking, Central --- Monetary policy --- History --- Banks and banking, Central. --- Finance --- Business & Economics --- Banking --- Business, Economy and Management --- Economics --- banque centrale --- politique economique --- politique monetaire --- politique gouvernementale --- AA / International- internationaal --- 333.111.0 --- -Monetary policy --- -332.11 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- centrale bank --- economisch beleid --- monetair beleid --- overheidsbeleid --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken. --- History. --- 332.11 --- Algemeenheden. Theoretische en beschrijvende studies. Centrale banken --- Banks and banking, Central - History --- Monetary policy - History

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Deflation (Finance) --- Deflation (Finance) --- Monetary policy --- Prices