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Some Benefits of Reducing Inflation in Transition Economies

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  • Monika Blaszkiewicz
  • Jerzy Konieczny
  • Anna Myslinska
  • Przemyslaw Wozniak

Abstract

We apply Feldstein's (1997, 1999) analysis of the interactions between the tax system and inflation to two transition economies: Poland and Ukraine. We find that the taxrelated costs of inflation in these countries are significantly smaller than in mature market economies. Our analysis points out that the tax system in these two countries is superior to the tax system in developed market economies, as taxes on investment income are lower. It implies that transition countries should avoid replicating other tax systems and, instead, take advantage of the unique opportunity to design and entrench the features of their tax system which are superior to those in mature economies.

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Bibliographic Info

Paper provided by CASE-Center for Social and Economic Research in its series CASE Network Studies and Analyses with number 0251.

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Length: 36 Pages
Date of creation: 2003
Date of revision:
Handle: RePEc:sec:cnstan:0251

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Keywords: price level; inflation; deflation; efficiency; optimal taxation; finance; national income; product; expenditure;

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  1. Juan Dolado, 1999. "A Cost-Benefit Analysis of Going from Low Inflation to Price Stability in Spain," NBER Chapters, in: The Costs and Benefits of Price Stability, pages 95-132 National Bureau of Economic Research, Inc.
  2. Cukierman, A. & Miller, G.P. & Neyapti, B., 2000. "Central Bank Rerform, Liberalization and Inflation in Transition Economies - an International Perspective," Papers 2000-19, Tel Aviv.
  3. Leo Bonato, 1999. "Price stability: Some costs and benefits in New Zealand," New Zealand Economic Papers, Taylor & Francis Journals, vol. 33(1), pages 27-49.
  4. Martin S. Feldstein, 1997. "The Costs and Benefits of Going from Low Inflation to Price Stability," NBER Chapters, in: Reducing Inflation: Motivation and Strategy, pages 123-166 National Bureau of Economic Research, Inc.
  5. Martin Feldstein, 1999. "The Costs and Benefits of Price Stability," NBER Books, National Bureau of Economic Research, Inc, number feld99-1, May.
  6. Martin S. Feldstein, 1999. "Capital Income Taxes and the Benefit of Price Stability," NBER Chapters, in: The Costs and Benefits of Price Stability, pages 9-46 National Bureau of Economic Research, Inc.
  7. Karl-Heinz Todter & Gerhard Ziebarth, 1999. "Price Stability versus Low Inflation in Germany: An Analysis of Costs and Benefits," NBER Chapters, in: The Costs and Benefits of Price Stability, pages 47-94 National Bureau of Economic Research, Inc.
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