This paper evaluates Hungary's dilemma with sterilization in the context of the record of countries elsewhere that have experienced similar capital inflow episodes, eg, Latin America and Asia The study focuses on the short-run impact of sterilization on monetary policy The empirical results indicate that sterilized interventions by the National Bank of Hungary (NBH) did not neutralize capital inflows until possibly the middle of 1995, following a change in government and, more significantly, a change in exchange rate regimes Indeed, it appears that monetary policy was overly restrictive and that, for a time, the NBH overcompensated for the inflows of capital

Capital flows in a transitional economy and the sterilization dilemma: The hungarian experience, 1992–97

This paper evaluates Hungary's dilemma with sterilization in the context of the record of countries that have experienced similar capital inflow episodes, eg, Latin America and Asia The study focuses on the short-run impact of sterilization on monetary policy The empirical results indicate that sterilized interventions by the National Bank of Hungary (NBH) did not neutralize capital flows until possibly the middle of 1995, following a change in government and, more significantly, a change in exchange rate regimes Indeed, it appears that monetary policy was overly restrictive and that, for a time, the NBH overcompensated for the inflows of capital

Capital Flows in a Transitional Economy and the Sterilization Dilemma: The Hungarian Experience, 1992-97

Secrets to the successful Hungarian bank privatization: the benefits of foreign ownership through strategic partnerships

/pdf/capital-flows-in-a-transitional-economy-and-the-4eddu70vd1.pdf

Capital Flows in a Transitional Economy and the Sterilization Dilemma

This paper compares Hungary`s experience with sterilization with that of other capital inflow episodes. The study focuses on the short-run impact of sterilization on monetary policy. The empirical data indicate that sterilized interventions by the National Bank of Hungary (NBH) were not significant until mid-1994, sometime after the return to power of the former Communist leaders. Thus, in the second half of 1994, the NBH began to demonstrate more firmly its independence by tightening monetary policy. By the beginning of 1995, the direction of fiscal policy had begun to show consonance with the overall aims of monetary policy.

Capital flows in a transitional economy and the sterilization dilemma : the Hungarian case

With privatization programs stalled in many of the transforming countries, the importance of creating a flexible and effective capital market in the earlier stages of the transition is gaining recognition. (Brainard (1991)) asserts that a reasonably well-functioning capital market is a necessary condition for privatization to occur on a large scale.2 According to Brainard, although all proposals for reforming financial institutions in transforming countries begin with increasing the financial discipline on companies they miss the essential point and thus fail to produce the desired result. For him, the crux of the issue is balance sheet losses. He recommends “sanitizing” company balance sheets using one or some combination of bankruptcy, rehabilitation, and privatization.

Crippled Monetary Policy in Transforming Economies: Why Central Bank Independence Does not Restore Control

Stabilization and convertibility in the transition: the legacies of the twin deficits

Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch

Real Exchange Rate Targeting in Economies in Transition and the Sterilization Problem: The Hungarian Experience

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Crippled Monetary Policy in Transforming Economies: Why Central Bank Independence Does not Restore Control

Stabilization and convertibility in the transition: the legacies of the twin deficits

Fiscal and Monetary Policies in the Transition: Searching for the Credit Crunch

Real Exchange Rate Targeting in Economies in Transition and the Sterilization Problem: The Hungarian Experience