Publication type: Book part
Type of review: Not specified
Title: Central banks and institutional evolution in transition
Authors: Hartwell, Christopher A.
et. al: No
Published in: The Political Economy of Central Banking in Emerging Economies
Editors of the parent work: Yağcı, Mustafa
Page(s): 39
Pages to: 55
Issue Date: 2020
Publisher / Ed. Institution: Routledge
Publisher / Ed. Institution: Oxon
ISBN: 9780367823054
Language: English
Subject (DDC): 332.1: Banks
Abstract: Part and parcel of the transition to a capitalist, free-market economy in Central and Eastern Europe (CEE) and the former Soviet Union (FSU) was the development of independent currencies and, by extension, the monetary arrangements needed to govern these currencies. Coming off a system where money was merely a unit of accounting and inconvertible, the countries of CEE and FSU for the most part had to implement new central banks from scratch, with little historical memory on the role of such a bank. However, at the same time the monetary system was being built, the rest of the institutional system was in flux. This chapter examines the interlinkages between the creation of central banks and other economic and political institutions in transition, concluding that both central banks – modeled on the Western world – and monetary policies exerted a far stronger influence on institutional development than previously realized. In particular, the push by central banks for financialization had deleterious consequences for many transition economies and their political institutions, even as the early results of inflation abatement helped these economies to grow.
Fulltext version: Published version
License (according to publishing contract): Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: International Management Institute (IMI)
Appears in collections:Publikationen School of Management and Law

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