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Inflation Stabilization, Fiscal Deficits, and Public Debt Management in Poland

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  • van Wijnbergen, Sweder
  • Budina, Nina

Abstract

Poland edged towards hyperinflation towards the latter half of 1989,but inflation fell dramatically after drastic reformswere enacted in January of 1990. We analyse the consistency betweenfiscal deficits and inflation targets and assessPoland's domestic and foreign debt management policies and the impactof the Brady debt reduction agreement on therelationship between fiscal deficits and inflation. We also assessthe impact of financial sector measures on seignioragerevenue and the sustainability of the low inflation strategy. Suchpolicies are shown to have a direct impact on thesustainability of inflation targets.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 29 (2001)
Issue (Month): 2 (June)
Pages: 293-309

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Handle: RePEc:eee:jcecon:v:29:y:2001:i:2:p:293-309

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Web page: http://www.elsevier.com/locate/inca/622864

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  1. van Wijnbergen, Sweder, 1989. "External Debt, Inflation, and the Public Sector: Toward Fiscal Policy for Sustainable Growth," World Bank Economic Review, World Bank Group, vol. 3(3), pages 297-320, September.
  2. Willem H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," IMF Working Papers 97/31, International Monetary Fund.
  3. Carlos A. Végh Gramont & Ratna Sahay, 1995. "Inflation and Stabilization in Transition Economies," IMF Working Papers 95/8, International Monetary Fund.
  4. Timothy D. Lane, 1991. "Inflation Stabilization and Economic Transformation in Poland," IMF Working Papers 91/70, International Monetary Fund.
  5. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  6. Bas Van Aarle & Nina Budina, 1996. "Currency substitution and seignorage in eastern europe," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 1(3), pages 279-298.
  7. Budina, Nina & van Wijnbergen, Sweder, 1997. "Fiscal Policies in Eastern Europe," Oxford Review of Economic Policy, Oxford University Press, vol. 13(2), pages 47-64, Summer.
  8. Ritu Anand & Sweder van Wijnbergen, 1988. "Inflation, External Debt and Financial Sector Reform: A Quantitative Approach To Consistent Fiscal Policy With An Application to Turkey," NBER Working Papers 2731, National Bureau of Economic Research, Inc.
  9. Anand, Ritu & van Wijnbergen, Sweder, 1989. "Inflation and the Financing of Government Expenditure: An Introductory Analysis with an Application to Turkey," World Bank Economic Review, World Bank Group, vol. 3(1), pages 17-38, January.
  10. Carlos A. Végh Gramont & Ratna Sahay, 1995. "Dollarization in Transition Economies," IMF Working Papers 95/96, International Monetary Fund.
  11. Tomás J. T. Baliño & Juhi Dhawan & V. Sundararajan, 1994. "Payments System Reforms and Monetary Policy in Emerging Market Economies in Central and Eastern Europe," IMF Staff Papers, Palgrave Macmillan, vol. 41(3), pages 383-410, September.
  12. Sahay, Ratna & Vegh, Carlos, 1995. "Dollarization in transition economies: Evidence and policy implications," MPRA Paper 20490, University Library of Munich, Germany.
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Cited by:
  1. Mikek, Peter, 2008. "Alternative monetary policies and fiscal regime in new EU members," Economic Systems, Elsevier, vol. 32(4), pages 335-353, December.
  2. Green, Christopher J. & Holmes, Mark J. & Kowalski, Tadeusz, 2001. "Poland: a successful transition to budget sustainability?," Emerging Markets Review, Elsevier, vol. 2(2), pages 161-183, June.
  3. Hisali, Eria, 2010. "Fiscal policy consistency and implications for macroeconomic aggregates: the case of Uganda," Research Reports 102489, Economic Policy Research Centre (EPRC).

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