Download or read book Disinflation in Transition Economies written by Marek D?browski and published by Central European University Press. This book was released on 2003-01-01 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Disinflation in Transition Economies written by Ms.Sharmini Coorey and published by International Monetary Fund. This book was released on 1996-12-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Observations on Disinflation in Transition Economies written by Paul Wachtel and published by . This book was released on 2004 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. Published in: Monetary Policy in Low Inflation Economies, ed. by David E. Altig and Ed Nosal, Cambridge University Press, forthcoming in 2006.
Download or read book Disinflation in Transition Economies written by Sharmini Coorey and published by . This book was released on 2006 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Moderate Inflation written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1998-07-01 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Designing Disinflation Programs in Transition Economies written by Sharmini Coorey and published by . This book was released on 1997 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book From Inflation to Growth written by Mr.Peter Doyle and published by International Monetary Fund. This book was released on 1998-07-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Disinflation in Transition 1993 1997 written by Mr. Peter Doyle and published by International Monetary Fund. This book was released on 1999-08-23 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Fiscal Policy and Disinflation in Transition Economies written by Małgorzata Markiewicz and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Disinflation in Transition Economies written by Marek Dabrowski and published by Central European University Press. This book was released on 2003-01-01 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors of this outstanding scholarly work analyze the dynamics of disinflation in transition economies in Central and Eastern Europe. The volume covers all the key factors of this process: 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. The book contains 13 chapters related to various aspects of disinflation and covering different sets of transition countries depending on their relevance to the analyzed topic and data availability.
Download or read book Disinflation Strategies in Transition Economies written by Aibek Baibagysh-Uulu and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stabilization and Growth in Transition Economies written by Mr.Stanley Fischer and published by International Monetary Fund. This book was released on 1996-04-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Disinflation in Transition written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 1999-08-23 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Obstacles to Disinflation written by Oya Celasun and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-06-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is backward-looking behavior in pricing or imperfect credibility of stabilization efforts responsible for the failure of inflation rates to decline to targeted levels during many disinflation programs? This paper assesses the relative importance of these two factors during a number of disinflation attempts in developing and transition economies. Using survey data, we find that expectations of future inflation play a much more important role than past inflation in shaping the inflation process. We also find that an improvement in primary fiscal balances significantly reduces inflation expectations. This suggests that during stabilization episodes, priority should be given to building fiscal credibility by strengthening public finances.
Download or read book Moderate Inflation written by and published by . This book was released on 1998 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Determinants of Inflation in a Transition Economy written by Mr.Bogdan Lissovolik and published by International Monetary Fund. This book was released on 2003-06-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines determinants of inflation in Ukraine during 1993-2002 in a cointegrating framework. Two basic theoretical models-a markup and a money market model-are tested. While broad money is cointegrated with the CPI for the whole sample and for early subsamples, the cointegration ceases to be statistically significant between 1996-2002, in part because of strong remonetization. The mark-up model offers a more consistent and well-fitting overall framework for 1996-2002 data, pointing inter alia to a greater role of administered prices in the CPI within a fairly mainstream inflation process. The "long-term" monetary transmission mechanism operates through the exchange rate and wages, but broad money clearly enters short-term inflation determinants. Prudent macroeconomic policies, grain harvests, and administrative decisions explain the sharp decline of inflation over 2000-2002.
Download or read book Disinflation Monetary Policy and Fiscal Constraints written by Marek Dąbrowski and published by Case-Center for Social and Economic Research. This book was released on 1999-01-01 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:
