Disinflation in Transition Economies
Disinflation in Transition Economies

Author: Marek D?browski

Publisher: Central European University Press

Published: 2003-01-01

Total Pages: 424

ISBN-13: 9789639241299

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The authors analyze the dynamics of in Central and Eastern Europe. The volume covers all the key factors of disinflation in transition economies: changes in money supply and money demand; exchange rate policy; currency crisis; fiscal policy; legal status of central banks; monetary policy strategy; changes in relative prices and changes in nominal and real wages.

Disinflation in Transition Economies
Disinflation in Transition Economies

Author: Ms.Sharmini Coorey

Publisher: International Monetary Fund

Published: 1996-12-01

Total Pages: 98

ISBN-13: 1451930062

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In light of the persistence of moderate inflation in many transition economies, this paper analyzes whether inflation resulted from insufficiently tight financial policies and wage pressures or from the protracted adjustment of relative prices. Using a new database for 21 countries, the effect of relative price variability on inflation is estimated within a framework controlling for nominal and real shocks. Money and wage growth were the most important determinants of inflation; relative price variability had a sizable effect at high inflation during initial liberalization and a small effect at moderate inflation. Cost recovery may contribute to variability, particularly in the advanced stages of the transition.

Disinflation in Transition: 1993-1997
Disinflation in Transition: 1993-1997

Author: Mr. Peter Doyle

Publisher: International Monetary Fund

Published: 1999-08-23

Total Pages: 54

ISBN-13: 1452716714

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The latest in a series of papers published by the International Monetary Fund on economies in transition examines the experience of disinflation in Central and Eastern Europe, the Baltics, Russia, and other countries of the former Soviet Union between 1993 and 1997. The paper reviews the economic policies underlying the dramatic drop in inflation during those years as well as other variables that facilitated the disinflation and notes that the adjustment of fiscal fundamentals as the driving force behind the disinflation, while nominal anchoring arrangements played a less prominent role. This was contrary to developments in countries, for example, in Latin America, that had experienced high inflation for a long period of time.

Disinflation in Transition Economies
Disinflation in Transition Economies

Author: Sharmini Coorey

Publisher:

Published: 2006

Total Pages: 98

ISBN-13:

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In light of the persistence of moderate inflation in many transition economies, this paper analyzes whether inflation resulted from insufficiently tight financial policies and wage pressures or from the protracted adjustment of relative prices. Using a new database for 21 countries, the effect of relative price variability on inflation is estimated within a framework controlling for nominal and real shocks. Money and wage growth were the most important determinants of inflation; relative price variability had a sizable effect at high inflation during initial liberalization and a small effect at moderate inflation. Cost recovery may contribute to variability, particularly in the advanced stages of the transition.

From Inflation to Growth
From Inflation to Growth

Author: Mr.Peter Doyle

Publisher: International Monetary Fund

Published: 1998-07-01

Total Pages: 37

ISBN-13: 1451852371

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This paper reexamines growth in transition using panel data to 1997. It suggests that output has been strongly affected by export market growth; that inflation has been associated with weaker output only above a threshold inflation rate; that structural reform has been associated with weaker output initially, but that it stimulates higher growth thereafter; and that rapid disinflation has been associated with output losses only in the presence of pegged exchange rates.

Moderate Inflation
Moderate Inflation

Author: Mr.Carlo Cottarelli

Publisher: International Monetary Fund

Published: 1998-07-01

Total Pages: 300

ISBN-13: 9781557756992

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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.

Observations on Disinflation in Transition Economies
Observations on Disinflation in Transition Economies

Author: Paul Wachtel

Publisher:

Published: 2007

Total Pages: 0

ISBN-13:

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The transition economies were remarkably successful in curbing the inflation that took place after the initial transition and shocks and, more recently, most of the countries have brought inflation down to the levels found in major developed countries. In this paper we review the experiences and show how fiscal discipline, monetary policy and exchange rate policy contributed to the outcome. In addition, we note that the influence of EU accession on institutions and policy may have played an important role. The paper also surveys the literature on the quality of the inflation data, the extent to which necessary relative price adjustments have occurred and the size of the Balassa-Samuelson effect. Case studies of disinflation in four countries are presented: Poland, Romania, Estonia and Russia.