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Inflation Stabilization, Fiscal Deficits and Public Debt Management in Poland

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  • Sweder van Wijnbergen

    ()
    (University of Amsterdam, CEPR)

  • Nina Budina

    (University of Amsterdam)

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

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 99-022/2.

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Date of creation: 19 Mar 1999
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Handle: RePEc:dgr:uvatin:19990022

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Keywords: Fiscal deficits; Public debt; Money demand; Seigniorage;

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  1. Willem H. Buiter, 1997. "Aspects of fiscal performance in some transition economies under fund-supported programs," LSE Research Online Documents on Economics 20353, London School of Economics and Political Science, LSE Library.
  2. 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.
  3. Sahay, Ratna & Vegh, Carlos, 1995. "Dollarization in transition economies: Evidence and policy implications," MPRA Paper 20490, University Library of Munich, Germany.
  4. Carlos A. Végh Gramont & Ratna Sahay, 1995. "Inflation and Stabilization in Transition Economies: A Comparison with Market Economies," IMF Working Papers 95/8, International Monetary Fund.
  5. Timothy D. Lane, 1991. "Inflation Stabilization and Economic Transformation in Poland: The First Year," IMF Working Papers 91/70, International Monetary Fund.
  6. 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.
  7. 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.
  8. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  9. 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.
  10. 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.
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Cited by:
  1. Hisali, Eria, 2010. "Fiscal policy consistency and implications for macroeconomic aggregates: the case of Uganda," Research Reports 102489, Economic Policy Research Centre (EPRC).
  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. Mikek, Peter, 2008. "Alternative monetary policies and fiscal regime in new EU members," Economic Systems, Elsevier, vol. 32(4), pages 335-353, December.

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