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Inflation And Stabilization In Transition Economies

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Inflation And Stabilization In Transition Economies

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Author : Ms.Ratna Sahay
language : en
Publisher: International Monetary Fund
Release Date : 1995

Inflation And Stabilization In Transition Economies written by Ms.Ratna Sahay and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.

A simple model is developed to understand inflationary pressures and stabilization in nonmarket economies. In light of the model, the paper reviews the inflation and stabilization experiences of several transition economies in Eastern Europe and the former Soviet Union. These experiences are then compared to those of high inflation market economies. The paper concludes that, despite significant differences in the economic structure and institutional framework, the inflation and stabilization experiences in transition and market economies are similar in many respects. In particular, monetary accommodation and lack of fiscal discipline are critical in sustaining inflation, and exchange rate-based anchors seem more successful than money anchors in bringing down inflation. On the other hand, wage policies appear to be more critical in reigning inflation in transition economies than in market economies.

Inflation And Stabilization In Transition Economies

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Author : Ratna Sahay
language : en
Publisher:
Release Date : 1995

Inflation And Stabilization In Transition Economies written by Ratna Sahay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.

Stabilization And Growth In Transition Economies

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Author : Mr.Stanley Fischer
language : en
Publisher: International Monetary Fund
Release Date : 1996-04-01

Stabilization And Growth In Transition Economies written by Mr.Stanley Fischer and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-04-01 with Business & Economics categories.

This paper analyzes the growth and stabilization experience in 26 transition economies in eastern Europe, the former Soviet Union, and Mongolia for the period 1989-1994. Inflation rates have declined significantly in most countries following an inflation stabilization program. Growth resumes after stabilization occurs, typically with a lag of about two years. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation, and confirms that inflation stabilization programs have been beneficial for growth even after controlling for structural reforms.

Moderate Inflation

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Author : Mr.Carlo Cottarelli
language : en
Publisher: International Monetary Fund
Release Date : 1998-07-01

Moderate Inflation written by Mr.Carlo Cottarelli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-07-01 with Business & Economics categories.

Many countries, including several transition economies, have in the last few years recorded a sharp decline in inflation, but have been unable to bring inflation down to lower single digits or to achieve price stability. In these countries, inflation has stabilized at moderate levels, with further progress becoming seemingly more difficult. What are the problems created by moderate inflation? What is the appropriate speed of disinflation? These and other issues related to disinflation in transition economies are taken up in this book, edited by Carlo Cottarelli and Gyorgy Szapáry.

Crisis Stabilization And Growth

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Author : Patrick J. Conway
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Crisis Stabilization And Growth written by Patrick J. Conway and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

List of Figures. List of Tables. List of Symbols. List of Country Acronyms. Foreword and Acknowledgements. I. The Transition Economies. II. Saving, by Plan and in the Market. III. Considering the Competing Explanations of Transition in Inflation and Economic Growth. IV. The Inflationary Explosion Following Price Liberalization. V. The Crisis Years. VI. Directed Credits and Financial Repression in Belarus. VII. Stabilization in Transition Economies. VIII. Ukraine in the Stabilization Phase. IX. Georgia: from Crisis to Stabilization .. and Then? X. The Fallout of the Russian Financial C.

Stabilization And Growth In Transition Economies

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Author : Ratna Sahay
language : en
Publisher:
Release Date : 2006

Stabilization And Growth In Transition Economies written by Ratna Sahay and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.

Macroeconomic Stabilization In Transition Economies

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Author : Mario I. Blejer
language : en
Publisher: Cambridge University Press
Release Date : 1997-03-28

Macroeconomic Stabilization In Transition Economies written by Mario I. Blejer and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-03-28 with Business & Economics categories.

The essays in this volume explore the special type of policies that were needed in the post-socialist countries of Eastern Europe and the Former Soviet Union in order to reduce inflation and to stop the fall in output that followed the collapse of Communism. The book contains a number of general studies that discuss the type of reforms needed and how they condition policies and analyze the aggregate relationship between reducing inflation, implementing structural reforms, and renewing the process of growth.

Inflation And Growth In Transition

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Author : Mr.Sanja Kalra
language : en
Publisher: International Monetary Fund
Release Date : 1999-08-01

Inflation And Growth In Transition written by Mr.Sanja Kalra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-08-01 with Business & Economics categories.

This paper examines the progress made in four Asian transition economies—China, Lao P.D.R., Vietnam, and Mongolia—to market-based systems. Overall, these economies appear to have had a more favorable experience with inflation stabilization and output growth than that of transition economies elsewhere. While initial conditions played an important role in determining the strategy and speed of the transition, growth performance benefited from continued macroeconomic stability and reforms in a key sector (such as agriculture); this confirms the need for sustained and rapid structural reforms and highlights the constraints for sustainable growth posed by weak financial and enterprise sectors.

Explaining And Forecasting The Velocity Of Money In Transition Economies With Special Reference To The Baltics Russia And Other Countries Of The Former Soviet Union

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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1997-09-01

Explaining And Forecasting The Velocity Of Money In Transition Economies With Special Reference To The Baltics Russia And Other Countries Of The Former Soviet Union written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-09-01 with Business & Economics categories.

The paper identifies a number of stylized facts on the behavior of key macroeconomic variables during high inflation and stabilization in countries in transition. To examine the extent to which these stylized facts conform to the predictions of standard open economy monetary theory, the paper develops a simple monetary model of the exchange rate incorporating price stickiness and inflation inertia, and carries out an econometric analysis of the behavior of real money balances during inflation stabilization. The paper concludes by assessing the prospects for velocity developments in countries in transition, including the likely pace of remonetization.

Monetary Policy During Transition An Overview

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Author : Martha Melo
language : en
Publisher:
Release Date : 1999

Monetary Policy During Transition An Overview written by Martha Melo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.

January 1997 In transition economies monetary stability goes hand in hand with adjustment in the real sectors. Subsidies and central bank support of public enterprises to help maintain employment and output are ultimately financed by creating money, reducing the options for market-based monetary policy regardless of how market-oriented the monetary system. De Melo and Denizer examine monetary policy in 26 transition countries in Europe and Central Asia from 1989 to 1995. In a socialist economy money and credit are largely determined as a residual. In a market economy monetary policy plays an active role in economic management and economic efficiency is believed to be improved by variety and sophistication in financial instruments. De Melo and Denizer classify these 26 countries by the extent of market orientation in the use of instruments of monetary policy, by indicators of policy stance, and by broad measures of effectiveness. They evaluate these three dimensions by cross-country comparison over the transition period and at the time of stabilization. They find several clear patterns. By the end of 1994 slightly fewer than half the countries were relying mainly on market-oriented monetary instruments. More than half exhibited low to moderate reliance on them. Countries that quickly formulated a monetary policy response after the break from central planning were more likely to switch to market-oriented instruments. Central and Eastern European countries moved more rapidly than countries of the former Soviet Union toward these instruments. The use of credit ceilings was helpful in the year of stabilization, especially in the Central and Eastern European countries. The elimination of credit controls was associated with effective stabilization. Policy stance, as measured by base money growth and the real discount rate, was effective in helping to reverse undesirable inflation and disintermediation trends. But the relationship between effectiveness and market orientation of monetary policy instruments is less clear. Financial depth is associated with the elimination of credit ceilings and the development of markets for government paper, and inflation is associated with the elimination of directed credit and the establishment of a market-oriented refinancing window. The overall index of the market orientation of monetary policy instruments is negatively related to inflation, but the direction of causality is unclear. On balance, inflation control and financial depth seem to be more directly related to policy stance, which is in turn related to broader structural reform. Monetary stability goes hand in hand with adjustment in the real sectors. Subsidies and central bank support of public enterprises to help maintain employment and output are ultimately financed by creating money, reducing the options for market-based monetary policy regardless of how market-oriented the monetary system. This paper - a product of the Public Economics Division and the Macroeconomics and Growth Division, Policy Research Department - is part of a larger effort in the department to provide a comparative overview of the progress in transition from a planned to a market economy.

Inflation And Stabilization In Transition Economies

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