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Money and Inflation in Yugoslavia

Author

Listed:
  • Ashok Kumar Lahiri

    (International Monetary Fund)

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.

Suggested Citation

  • Ashok Kumar Lahiri, 1991. "Money and Inflation in Yugoslavia," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 751-788, December.
    • Handle: RePEc:pal:imfstp:v:38:y:1991:i:4:p:751-788
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    Citations

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    Cited by:

    1. Brown, Jeffrey R. & Ivković, Zoran & Weisbenner, Scott, 2015. "Empirical determinants of intertemporal choice," Journal of Financial Economics, Elsevier, vol. 116(3), pages 473-486.
    2. Papazoglou, Christos & Pentecost, Eric J., 2004. "The dynamic adjustment of a transition economy in the early stages of transformation," Journal of Macroeconomics, Elsevier, vol. 26(3), pages 547-561, September.
    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 2002/190, International Monetary Fund.
    4. Petrovic, Pavle & Vujosevic, Zorica, 2000. "Monetary accommodation in transition economies: econometric evidence from Yugoslavia's high inflation in the 1980s," Journal of Development Economics, Elsevier, vol. 62(2), pages 495-513, August.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices

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