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- W2261198036 abstract "This paper analyzes two selected, though interconnected, issues of monetary policy that showed specific features in the Czech Republic during its first stage of transformation toward a standard market economy. In the first part, the paper examines the role of a stable exchange rate as a nominal anchor. A stable exchange rate was one of the features that distinguished the Czech Republic from most other transfonning economies of Central and Eastern Europe. It is shown that the anchor works through specific mechanisms if relative prices are changing substantially and if the currency is undervalued in relation to purchasing-power parity and nonconvertible for capital-account transactions. In the second part, the issue of interenterprise arrears, which were present in practically all transforming economies, is discussed. The phenomenon is interpreted in the paper as a specific, pathological innovation typical for the initial stage of transformation in the postcommunist countries; the consequences for monetary policy are discussed. In the final part, some further steps of the Czech Republic toward a standard economic and financial system are outlined. Until January 1993, the Czech Republic was part of federal Czechoslovakia-a country at in 1990 started to make the transition toward a market economy. Czechoslovakia took its first steps toward creating a standard monetary and banking system at the very start of the transforrnation process. In December 1989, the existing monobank was transformed into a twotiered system: a central bank, plus a system of commercial banks. The centrl bank was made largely independent, being built on principles similar to the Bundesbank position in Germany. After the split-up of Czechoslovakia in January 1993, the Czech National" @default.
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- W2261198036 date "1994-09-01" @default.
- W2261198036 modified "2023-09-26" @default.
- W2261198036 title "Selected Issues of Monetary Policy in the Czech Republic" @default.
- W2261198036 cites W2210703144 @default.
- W2261198036 doi "https://doi.org/10.1080/00128775.1994.11648545" @default.
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