Une lecture institutionnelle de la construction des systèmes monétaires et bancaires dans les économies en transition d'Europe centrale : Hongrie, Pologne, République tchèque

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Date

2005

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MESR

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An Institutional Reading of the Building of Monetary and Banking Systems in the Central European Transition Economies : Hungary, Poland, Czech Republic Money being the social institution that enables agents' coordination in a market economy, the economie transition in the Czech Republic, Poland and Hungary can be analysed as the building of the monetary institution in its double systemie dimension. Their monetary policy aims at ensuring monetary stability by following a séquence of reformš whose adjustment variable is the exchange rate and whose ultimate stage is credibile inflation targeting. The banking system, vector of crédit, finances the productive sector and functions as a transmission channel for the monetary policy. Nevertheless in the economies considered, important remaining weaknesses show that the process of transition, in its institutionnal dimension, has yet to be fully achieved. The independent central bank, guarantor of money stability and guardian of the payment system perenniality, resides at the heart of this process of preservation of the agents confidence in the money.

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