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Inflation Stabilization, Fiscal Deficits and Public Debt Management in Poland

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Author Info
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 reforms were enacted in January of 1990. We analyse the consistency between fiscal deficits and inflation targets and assess Poland's domestic and foreign debt management policies and the impact of the Brady debt reduction agreement on the relationship between fiscal deficits and inflation. We also assess the impact of financial sector measures on seigniorage revenue and the sustainability of the low inflation strategy. Such policies are shown to have a direct impact on the sustainability of inflation targets.

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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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Web page: http://www.tinbergen.nl/

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Related research
Keywords: Fiscal deficits Public debt Money demand Seigniorage

Other versions of this item:

Find related papers by JEL classification:
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
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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References listed on IDEAS
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  1. Ratna Sahay & Carlos A. Végh Gramont, 1995. "Inflation and Stabilization in Transition Economies: A Comparison with Market Economies," IMF Working Papers 95/8, International Monetary Fund.
  2. 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, Oxford University Press, vol. 3(1), pages 17-38, January.
  3. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall. [Downloadable!]
  4. Buiter, Willem H, 1996. "Aspects of Fiscal Performance in some Transition Economies under Fund-supported Programs," CEPR Discussion Papers 1535, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. 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.
  6. Timothy D. Lane, 1991. "Inflation Stabilization and Economic Transformation in Poland: The First Year," IMF Working Papers 91/70, International Monetary Fund.
  7. Ratna Sahay & Carlos A. Végh Gramont, 1995. "Dollarization in Transition Economies: Evidence and Policy Implications," IMF Working Papers 95/96, International Monetary Fund.
  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. [Downloadable!] (restricted)
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