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National Bank of Poland
			: The Road to Indirect Instruments

National Bank of Poland : The Road to Indirect Instruments »

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

DOI: http://dx.doi.org/10.5089/9781557756022.084

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

Poland was the first centrally planned economy in Eastern Europe to leave the Soviet bloc and introduce systemic reforms in all sectors of the economy. The transformation of the National Bank from a monobank to an...

Market Information and Signaling in Central Bank Operations, or, How Often Should a Central Bank Intervene?

Market Information and Signaling in Central Bank Operations, or, How Often Should a Central Bank Intervene? »

Source: Market Information and Signaling in Central Bank Operations, or, How Often Should a Central Bank Intervene?

Volume/Issue: 1997/28

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1997

ISBN: 9781451844627

Keywords: central banking, monetary policy implementation, open market operations, informational efficiency, central bank, money market, central banks

A central bank must decide on the frequency with which it will conduct open market operations and the variability in short-term money market that it will allow. It is shown how the optimal operating procedure balan...

Appendix Structural Policy and Operational Objectives of the National Bank of Poland

Appendix Structural Policy and Operational Objectives of the National Bank of Poland »

Source: National Bank of Poland : The Road to Indirect Instruments

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

The new approach focused on delivering a comprehensive technical assistance program in all interrelated operational areas of the central bank, while introducing regulation and proce...

I. Introduction and Summary

I. Introduction and Summary »

Source: National Bank of Poland : The Road to Indirect Instruments

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

The National Bank Act and the Banking Law for commercial banks of January 31, 1989, formalized the initial steps toward transforming the National Bank of Poland and the Polish financial sector into a market-...

II. Reform of the Economic System

II. Reform of the Economic System »

Source: National Bank of Poland : The Road to Indirect Instruments

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

The turning point of economic reforms to move Poland away from the centrally planned system of the postwar era occurred in October 1988 when a new government was appointed to fight inflation, reduce shortage...

III. The National Bank of Poland in 1990

III. The National Bank of Poland in 1990 »

Source: National Bank of Poland : The Road to Indirect Instruments

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

The dramatic systemic reforms introduced in all sectors of the Polish economy in late 1989 aimed at building a market-oriented economy. However, as also recently shown by the breakdown of the former Soviet U...

IV. Modernization of the National Bank of Poland

IV. Modernization of the National Bank of Poland »

Source: National Bank of Poland : The Road to Indirect Instruments

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

The economic program of stabilization, which started in early 1990, was designed to reduce inflation and create an environment in which a market-based economic system might thrive. The maintenance o...

V. The National Bank of Poland Today

V. The National Bank of Poland Today »

Source: National Bank of Poland : The Road to Indirect Instruments

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

The progress made by the National Bank in its modernization process for 1990–95 has been remarkable. In a few years, it has virtually completed its transition from a monobank system to a modern, market-based...

VI. Lessons to Learn from the Polish Experience

VI. Lessons to Learn from the Polish Experience »

Source: National Bank of Poland : The Road to Indirect Instruments

Series: Occasional Papers

Author(s): Piero Ugolini

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 November 1996

ISBN: 9781557756022

Keywords: national bank, banking, foreign exchange, open market operations, central bank

The previous chapter provided information on the process followed by the National Bank of Poland to move from a monobank to a market-based system of monetary policy intervention. As indicated earlier, the Na...

Informational Efficiency, Interest Rate Variability, and Central Bank Operations

Informational Efficiency, Interest Rate Variability, and Central Bank Operations »

Source: Informational Efficiency, Interest Rate Variability, and Central Bank Operations

Volume/Issue: 1997/26

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1997

ISBN: 9781451844344

Keywords: central banking, monetary policy implementation, open market operations, informational efficiency, central bank, money market, central banks, monetary fund

It is shown how the frequency of central bank intervention in financial markets can affect the incentives for economic agents to acquire information, which will be reflected in market prices and thus become availab...