Cover IMF Working Papers
Central Banking in Central and Eastern Europe: Lessons From the Interwar Years' Experience
Author: Marcello De Cecco
Series:
IMF Working Papers
Volume/Issue:
Volume 1994: Issue 127
Language:
English
Publication Date:
01 Oct 1994
DOI:
https://doi.org/10.5089/9781451854954.001
ISBN:
9781451854954
ISSN:
1018-5941
Pages:
36
Keywords:
WP; note issue; payments network; brand new central bank; central bank legislator; joint stock; State involvement; State power; Danubian country; government commissioner; state capital; organization of clearing arrangement; renewed central banks; central bank reconstruction; Central bank legislation; Commercial banks; Bank legislation; Bank supervision; Open market operations; Eastern Europe; Europe; Central and Eastern Europe
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
Download PDF (2.2 MB) Download Epub
This paper examines the philosophies which inspired the institution of central banking in Central and Eastern Europe in the interwar years. Influenced by the Financial Section of the League of Nations, the new central banks adopted laws which prohibited or severely restricted the financing of government fiscal debt. They were encouraged to centralize their payments systems and manage exchange rates to keep control of the money supply and achieve monetary stability. Before long they were forced to adopt further provisions in the area of banking supervision to regulate commercial banks. This paper considers the particular cases of Czechoslovakia, Hungary and Poland.
Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund