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Monetary policy objectives, frameworks and institutions
1.1 Monetary policy objectives and frameworks
1.2 Central bank independence literature review
1.2.1 Sources and constraints of central bank independence
1.2.2 Central bank independence does it matter and why?
1.2.3 Central bank independence in transition
1.2.4 Conclusions
1.3 Experience with domestic targets of monetary policy
1.3.1 Monetary targeting
1.3.2 Inflation targeting
1.4 Foreign exchange rate regime and exchange rate targeting
Review of macroeconomic developments with emphasis on inflation and monetary policy developments
2.1 Fragility, shallowness and monopolistic structure of financial markets
2.2 Imbalances and peculiarities in the relationship between the real economy and the financial sector
2.3 Price misalignment and limited controllability of inflation
2.4 Expectations and pressures of future emu membership
2.5 Gradual financial integration into the world economy
2.6 Key economic and monetary developments in the czech republic: 1993 -2001
2.6.1 introduction
2.6.2 the monetary policy framework
2.6.3 Monetary developments 1993-2001
2.7 Key economic and monetary developments in Hungary: 1993-2001
2.7.1 Introduction
2.7.2 The monetary policy framework
2.7.3 A detailed look at monetary developments in Hungary during the 1993-2001 period
2.8 Key economic and monetary developments in Poland: 1993-2001
2.8.1 Introduction
2.8.2 The monetary policy framework
2.8.3 Monetary developments 1993-2001
2.9 Key economic and monetary developments in Slovakia: 1993-2001
2.9.1 Introduction
2.9.2 The monetary policy framework
2.9.3 Monetary developments 1993-2001
Monetary policy transmission mechanism in Central Europe
3.1 Building the var models
3.2 Analysis of var results
Institutional constraints on policy discretion - Central bank independence
4.1 Central bank independence what do legal indices tell us?
4.2 Legal and constitutional factors affecting independence of central banks
4.2.1 Checks and balances and constitutional protection of central bank independence
4.2.2 Checks and balances in the appointment process: political complexity of central bank appointments and political vulnerability of the central bank board
4.3 rule of law, personal independence and political role of central banks
4.4 central bank autonomy in exchange rate policy
4.5 conclusion
The role of the exchange rate in monetary policy
5.1 Framework for analysis of exchange rate strategies
5.2 Nominal exchange rate
5.3 Real exchange rate and its role
5.4 Experience of individual countries with exchange rate strategies
5.5 Evaluation of Central European exchange rate strategies
5.6 Conclusion
Domestic targets and their role in monetary policy
6.1 Monetary targeting
6.2 Inflation targeting - Introduction
6.3 Introduction of inflation targeting in Central Europe
6.4 Inflation targeting design and implementation issues
6.4.1 Choice of price index for inflation targeting
6.4.2 Other target issues - The target level, the tolerance interval, the time frame, exceptions
6.4.3 Multiplicity of targets
6.5 Evaluation of inflation targets
6.6 Inflation targeting - Influencing the behaviour of the central bank
6.7 Conclusion
Conclusion
7.1 Explaining monetary policy in Central Europe
7.1.1 Factors influencing monetary policy in Central Europe during transition
7.1.1.1 Different initial conditions and expectations in individual countries
7.1.1.2 Ability to achieve overall rapid structural adjustment and successful transition
7.1.1.3 Expectations and pressures of future EU/EMU membership
7.1.1.4 A high level of trade and financial openness together with limited instruments of adjustment
7.1.1.5Dysfunctional structure of the financial sector and peculiarities in the relationship between the real economy and the financial sector
7.1.1.6 Inflationary pressures unrelated to monetary and fiscal policies as such
7.1.2 Consequences for the monetary policy-making environment
7.1.3 Reaction by monetary policymakers
7.2 Lessons for the theory of monetary policy in highly open middle-income economies
7.2.1 Constraining discretion in policy-making
7.2.2 The roles of publicly announced targets and of the external constraint
7.2.3 Co-ordination of monetary and fiscal policies
Epilogue : on the road to eurozone (2002-2006)
8.1 Monetary policy frameworks since 2001
8.2 The Maastricht criteria on public debt and long-term interest rates
8.3 The Maastricht criteria on inflation and exchange-rate stability
8.4 The Maastricht criterion on fiscal deficit.
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Monetary policy in Central Europe by Miroslav Beblavý. ISBN 9780203964231. Published by Routledge in 2007. Publication and catalogue information, links to buy online and reader comments.