Disinflation In Transition Economies

Author : Ms.Sharmini Coorey,Mr.Mauro Mecagni,Mr.Erik Offerdal
Publisher : International Monetary Fund
Page : 98 pages
File Size : 49,5 Mb
Release : 1996-12-01
Category : Business & Economics
ISBN : 9781451930061

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Disinflation in Transition Economies by Ms.Sharmini Coorey,Mr.Mauro Mecagni,Mr.Erik Offerdal Pdf

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.

Author : Marek Dabrowski
Publisher : Central European University Press
Page : 413 pages
File Size : 52,8 Mb
Release : 2003-01-01
Category : Business & Economics
ISBN : 9789633865620

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Disinflation in Transition Economies by Marek Dabrowski Pdf

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.

Author : Sharmini Coorey
Publisher : Unknown
Page : 98 pages
File Size : 44,7 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291214072

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Disinflation in Transition Economies by Sharmini Coorey Pdf

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.

Author : Paul Wachtel,Iikka Korhonen,Suomen Pankki. Siirtymätalouksien tutkimuslaitos
Publisher : Unknown
Page : 51 pages
File Size : 48,6 Mb
Release : 2004
Category : Deflation (Finance)
ISBN : 9516868924

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Observations on disinflation in transition economies by Paul Wachtel,Iikka Korhonen,Suomen Pankki. Siirtymätalouksien tutkimuslaitos Pdf

Tiivistelmä.

Author : Mr.Carlo Cottarelli,Mr.Peter Doyle
Publisher : International Monetary Fund
Page : 56 pages
File Size : 48,9 Mb
Release : 1999-08-23
Category : Business & Economics
ISBN : 1557757976

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Disinflation in Transition by Mr.Carlo Cottarelli,Mr.Peter Doyle Pdf

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.

Author : Sharmini Coorey,Mauro Mecagni,Erik Offerdal
Publisher : Unknown
Page : 24 pages
File Size : 43,9 Mb
Release : 1997
Category : Business & Economics
ISBN : IND:30000062305739

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Designing Disinflation Programs in Transition Economies by Sharmini Coorey,Mauro Mecagni,Erik Offerdal Pdf

Author : Mr.Carlo Cottarelli,Mr.Gyorgy Szapary
Publisher : International Monetary Fund
Page : 300 pages
File Size : 48,9 Mb
Release : 1998-07-01
Category : Business & Economics
ISBN : 1557756996

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Moderate Inflation by Mr.Carlo Cottarelli,Mr.Gyorgy Szapary Pdf

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.

Author : Mr.Peter Doyle,Mr.Peter F. Christoffersen
Publisher : International Monetary Fund
Page : 37 pages
File Size : 47,5 Mb
Release : 1998-07-01
Category : Business & Economics
ISBN : 9781451852370

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From Inflation to Growth by Mr.Peter Doyle,Mr.Peter F. Christoffersen Pdf

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.

Author : Mr. Peter Doyle,Mr. Carlo Cottarelli
Publisher : International Monetary Fund
Page : 54 pages
File Size : 51,6 Mb
Release : 1999-08-23
Category : Business & Economics
ISBN : 9781452716718

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Disinflation in Transition: 1993-1997 by Mr. Peter Doyle,Mr. Carlo Cottarelli Pdf

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.

Author : Anonim
Publisher : Unknown
Page : 283 pages
File Size : 40,7 Mb
Release : 1998
Category : Electronic
ISBN : OCLC:502985100

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Moderate Inflation by Anonim Pdf

Author : Mr.Stanley Fischer,Ms.Ratna Sahay,Mr.Carlos A. Végh Gramont
Publisher : International Monetary Fund
Page : 36 pages
File Size : 53,9 Mb
Release : 1996-04
Category : Business & Economics
ISBN : UCSD:31822021299821

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Stabilization and Growth in Transition Economies by Mr.Stanley Fischer,Ms.Ratna Sahay,Mr.Carlos A. Végh Gramont Pdf

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.

Author : Marek Dąbrowski
Publisher : Case-Center for Social and Economic Research
Page : 119 pages
File Size : 45,6 Mb
Release : 1999-01-01
Category : Deflation (Finance)
ISBN : 8371781288

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Disinflation, Monetary Policy and Fiscal Constraints by Marek Dąbrowski Pdf

Author : Oya Celasun,Mr.R. Gelos,Mr.Alessandro Prati
Publisher : INTERNATIONAL MONETARY FUND
Page : 35 pages
File Size : 46,6 Mb
Release : 2004-06-01
Category : Business & Economics
ISBN : 1451853505

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Obstacles to Disinflation by Oya Celasun,Mr.R. Gelos,Mr.Alessandro Prati Pdf

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.

Author : Felix Hammermann,Mark J. Flanagan
Publisher : Unknown
Page : 0 pages
File Size : 41,8 Mb
Release : 2009
Category : Electronic
ISBN : OCLC:1376487481

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What Explains Persistent Inflation Differentials Across Transition Economies? by Felix Hammermann,Mark J. Flanagan Pdf

We document that a persistent inflation differential has opened across different groups of transition economies since 2001, with the CIS-West seeing particularly high outcomes. We consider a range of non-monetary explanations discussed in the literature (economic structure, policy and institutions), and controlling for economic shocks, we find a role for political stability, as emphasized in previous cross-country work. However, our results suggest that lagging internal and external liberalization have been the key disincentives to disinflation. Consequently, lower inflation targets would not be credible in the absence of stronger structural and monetary policy frameworks.

Author : Sandra Dvorsky
Publisher : Unknown
Page : 40 pages
File Size : 48,8 Mb
Release : 2000
Category : Economic history
ISBN : 9516869408

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Measuring Central Bank Independence in Selected Transition Countries and the Disinflation Process by Sandra Dvorsky Pdf

The paper measures the degree of legal and actual central bank independence (CBI) in five Central and Eastern European transition economies striving for EU accession, namely the Czech Republic, Hungary, Poland, Slovakia and Slovenia (CEEC-5). The degree of legal CBI is measured by applying the two most widely used indices, the Cukierman and the Grilli-Masciandaro-Tabellini (GMT) indices. Moreover, the turnover rate of central bank governors is used as a proxy to measure actual CBI. The paper gives an interpretation of computed results, comparing the findings with those of other authors and earlier calculations. Furthermore, the indices on legal and actual CBI themselves are critically reviewed, in particular against the background of the Maastricht Treaty requirements, which in practice constitute the driving force for any amendment of central bank laws in the CEEC-5. Moreover, the role of CBI in bringing down inflation in the CEEC-5 at different stages of transition is briefly discussed. The paper concludes that the overall degree of legal CBI is comparatively high in all countries examined, while the measured turnover rates of governors do not seem to fully reflect the degree of actual CBI in the CEEC-5. Looking at the role of CBI in the disinflation process at different stages of transition, the main causes for inflation seem to have been beyond the direct control of the central bank. A high degree of CBI, together with a reasonable mix of fiscal and monetary policies as well as structural reforms, will be necessary for the CEEC-5 to meet all requirements for joining the EU and, in a more distant future, for adopting the euro.