01703cas a2200241 a 4500 AALejournalIMF000268 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451850833 1018-5941 BD-DhAAL BD-DhAAL Siklos, Pierre. Capital Flows in a Transitional Economy and the Sterilization Dilemma : The Hungarian Case / Pierre Siklos. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (36 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1996/086 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/086/001.1996.issue-086-en.xml IMF e-Library