Disinflation in Transition Economies

Disinflation in Transition Economies
Author :
Publisher : International Monetary Fund
Total Pages : 98
Release :
ISBN-10 : 9781451930061
ISBN-13 : 1451930062
Rating : 4/5 (61 Downloads)

Synopsis Disinflation in Transition Economies by : Ms.Sharmini Coorey

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 Economies

Disinflation in Transition Economies
Author :
Publisher : Central European University Press
Total Pages : 413
Release :
ISBN-10 : 9789633865620
ISBN-13 : 963386562X
Rating : 4/5 (20 Downloads)

Synopsis Disinflation in Transition Economies by : Marek Dabrowski

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.

The Inflation-Targeting Debate

The Inflation-Targeting Debate
Author :
Publisher : University of Chicago Press
Total Pages : 469
Release :
ISBN-10 : 9780226044736
ISBN-13 : 0226044734
Rating : 4/5 (36 Downloads)

Synopsis The Inflation-Targeting Debate by : Ben S. Bernanke

Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.

Disinflation in Transition

Disinflation in Transition
Author :
Publisher : International Monetary Fund
Total Pages : 56
Release :
ISBN-10 : 1557757976
ISBN-13 : 9781557757975
Rating : 4/5 (76 Downloads)

Synopsis Disinflation in Transition by : Mr.Carlo Cottarelli

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.

Stabilization and Growth in Transition Economies

Stabilization and Growth in Transition Economies
Author :
Publisher : International Monetary Fund
Total Pages : 36
Release :
ISBN-10 : UCSD:31822021299821
ISBN-13 :
Rating : 4/5 (21 Downloads)

Synopsis Stabilization and Growth in Transition Economies by : Mr.Stanley Fischer

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.

Inflation and Disinflation in Turkey

Inflation and Disinflation in Turkey
Author :
Publisher : Routledge
Total Pages : 242
Release :
ISBN-10 : 9781351739276
ISBN-13 : 1351739271
Rating : 4/5 (76 Downloads)

Synopsis Inflation and Disinflation in Turkey by : Faruk Selcuk

This title was first published in 2002. Since the 1990s Turkey has experienced a number of disasters, both physical and economic. The result has been a decrease in economic performance compared to other European states. This study addresses the country's ongoing economic struggles.

Inflation in Emerging and Developing Economies

Inflation in Emerging and Developing Economies
Author :
Publisher : World Bank Publications
Total Pages : 524
Release :
ISBN-10 : 9781464813764
ISBN-13 : 1464813760
Rating : 4/5 (64 Downloads)

Synopsis Inflation in Emerging and Developing Economies by : Jongrim Ha

This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.

International Financial Markets

International Financial Markets
Author :
Publisher : Routledge
Total Pages : 439
Release :
ISBN-10 : 9781351669214
ISBN-13 : 1351669214
Rating : 4/5 (14 Downloads)

Synopsis International Financial Markets by : Julien Chevallier

This book provides an up-to-date series of advanced chapters on applied financial econometric techniques pertaining the various fields of commodities finance, mathematics & stochastics, international macroeconomics and financial econometrics. International Financial Markets: Volume I provides a key repository on the current state of knowledge, the latest debates and recent literature on international financial markets. Against the background of the "financialization of commodities" since the 2008 sub-primes crisis, section one contains recent contributions on commodity and financial markets, pushing the frontiers of applied econometrics techniques. The second section is devoted to exchange rate and current account dynamics in an environment characterized by large global imbalances. Part three examines the latest research in the field of meta-analysis in economics and finance. This book will be useful to students and researchers in applied econometrics; academics and students seeking convenient access to an unfamiliar area. It will also be of great interest established researchers seeking a single repository on the current state of knowledge, current debates and relevant literature.

The Economics of Transition

The Economics of Transition
Author :
Publisher : Routledge
Total Pages : 411
Release :
ISBN-10 : 9780429559990
ISBN-13 : 0429559992
Rating : 4/5 (90 Downloads)

Synopsis The Economics of Transition by : Ichiro Iwasaki

In the last three decades since the fall of the Berlin Wall, there has been a vast amount of study looking at transforming the planned economy to a market economy from both theoretical and empirical aspects. This book provides an overview and insight into transition economies in the recent decades and looks at key economics topics from the so-called “transition strategy debate” to environmental reform. The book also includes an analytical review and meta-analysis of the existing literature. By integrating theoretical discussions and synthesizing empirical findings in a systematic manner, this book may help to enlighten the debate on the timing, speed, and policy sequence of economic transition. The book will particularly appeal to researchers, policy makers, other practitioners, and under- and post-graduate students who are interested in transition economies in Eastern Europe, the former Soviet Union, Southeast Asia, and China. It aims to be read as an advanced reader.

Central Banking in Transition Countries

Central Banking in Transition Countries
Author :
Publisher : International Monetary Fund
Total Pages : 50
Release :
ISBN-10 : 9781451936681
ISBN-13 : 1451936680
Rating : 4/5 (81 Downloads)

Synopsis Central Banking in Transition Countries by : Mr.Helmut Wagner

In the 1990s, the issues of central banking and central bank independence have gained increasing attention, in part owing to the role of the future European central bank, but also owing to the emergence of transition countries and the role of central banks in these countries. The main focus of the paper is on the preconditions of disinflation and successful stability policy in transition countries, paying special attention to the institutional requirements and to the choice of nominal anchors.