Reformen des monetären Sektors in sozialistischen Ländern: Ursachen, Transformationsbedingungen und institutionelle Voraussetzungen
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Reformen des monetären Sektors in sozialistischen Ländern: Ursachen, Transformationsbedingungen und institutionelle Voraussetzungen
Credit and Capital Markets – Kredit und Kapital, Vol. 24 (1991), Iss. 1 : pp. 15–35
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H. Jörg Thieme, Bochum
Cited By
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Wirtschaftspolitik der Systemtransformation
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1996
https://doi.org/10.1007/978-3-663-09142-4_2 [Citations: 0] -
Das Sequenzing-Problem der Systemtransformation in Mittel- und Osteuropa
Svindland, Eirik
Credit and Capital Markets – Kredit und Kapital, Vol. 25 (1992), Iss. 1 P.65
https://doi.org/10.3790/ccm.25.1.65 [Citations: 0]
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Bacskai, T. (1989): The Reorganisation of the Banking System in Hungary, in: Eastern European Economic Review, Fall 1989, S. 79 – 92 .
Google Scholar -
Brada, J.; King, A. (1986): Taut Plan, Repressed Inflation and the Supply of Effort in Centrally Planned Economies, in: Economics of Planning, 20, S. 162 – 178.
Google Scholar -
Brunner, K.; Meitzer, A. H. (1966): A Credit Market Theory of the Money Supply and an Explanation of Two Puzzles in U.S. Monetary Policy, in: Revista Internazionale di Scienze Economiche e Commerciali, 13, S. 405 – 432.
Google Scholar -
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Google Scholar -
Cassel, D.; Thieme, H. J. (1976): Verteilungswirkungen von Preis- und Kassenhaltungsinflation, in: Cassel, D.; Thieme, H. J. (Hrsg.), Einkommensverteilung im Systemvergleich, Stuttgart, New York, S.101-122.
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Abstract
Reform of the Monetary Sector in Socialist Countries: Causes, Transformation Conditions and Institutional Prerequisites
In the past, all socialist countries in Europe recorded substantial money overhangs of different dimensions because of increasing rationing on the goods markets against the background of government-fixed and controlled prices. Such money overhangs occasion not only allocation and redistribution effects, but represent also a central impediment to the intended decentralization and unfreezing of prices in the reform process because of fears of price inflation. The causes of inflationary potentials are to be found not so much on the real, but on the organizational side of the monetary sector: in spite of conditions formally favourable, as it seems, for strict money supply management, the monobank system in combination with plan-fulfilment targets and premium systems has occasioned a system-immanent corporate credit demand pull to which the governmental banking system had to respond in a positive manner because of the inability, in practice, of companies in socialist countries to go bankrupt. As a result of this credit-granting automatism, the state-bank system has been unable to manage money supply successfully.
Such money overhands may be reduced by various process political instruments (devaluation, price-level increases, nominal-wage cuts, tax increases, sale of government-owned assets) with the differential effect on output and employment having to be taken into consideration. On the other hand, future inflationary potentials can only be avoided if the monetary sector is transformed into a two-tier banking system. Such reform processes have been set in motion in some of the socialist countries in recent years, but have in no way been brought to a successful conclusion yet. It is not sufficient in this context to organize a two-tier banking system without creating at the same time the preconditions for destroying the credit-granting automatism, unwholesome to money supply management, by drastic reform of markets, the corporate sector and ownership conditions.