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Money and Inflation in Yugoslavia

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  • Ashok Kumar Lahiri

    (International Monetary Fund)

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    Abstract

    Yugoslav inflation unfolded as a classic wage-price-exchange rate spiral through the 1970s and 1980s, exploding into hyperinflation in the last quarter of 1989. Monetary accommodation of inflation, the behavior of demand for money, and the interaction between the two in Yugoslavia are examined. The asset-liability structure of the central bank, together with the policy stance on exchange and interest rates, led to a significant feedback from inflation to money supply. Despite their explosive and seasonal nature, real money balances were cointegrated with other economic variables, and hence, in long-run equilibrium relationship.

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Staff Papers - International Monetary Fund.

    Volume (Year): 38 (1991)
    Issue (Month): 4 (December)
    Pages: 751-788

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    Handle: RePEc:pal:imfstp:v:38:y:1991:i:4:p:751-788

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    Cited by:
    1. Jeffrey R. Brown & Zoran Ivković & Scott Weisbenner, 2013. "Empirical Determinants of Intertemporal Choice," NBER Working Papers 18755, National Bureau of Economic Research, Inc.
    2. Christos Papazoglou & Eric J. Pentecost, 2003. "The Dynamic Adjustment of a Transition Economy in the Early Stages of Transformation," Working Papers 03, Bank of Greece.
    3. International Monetary Fund, 2002. "Tunisia's Experience with Real Exchange Rate Targeting and the Transition to a Flexible Exchange Rate Regime," IMF Working Papers 02/190, International Monetary Fund.

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