Munich Personal RePEc Archive

The money market and monetary policy during economic transition

Petranov, Stefan (1996): The money market and monetary policy during economic transition. Published in: Bulgarian National Bank Monthly Bulletin No. 6 (1996): pp. 28-32.

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Abstract

The paper considers the extent to which the conditions for efficient monetary policy are present during the transition period from centrally planned to a market economy. The author concludes that the peculiarities of transition are cause for much uncertainty in the money market, and hence, result in low monetary policy efficiency. Therefore there is a need for improvement in the identification and projection of money market conditions, and the establishment, to the extent possible, of a stable regulatory framework. The paper proves the need for monetary policy comprehensiveness in terms of the interrelation between money supply control and foreign exchange policy.

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