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Sustained inflation in response to price liberalization

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  • Conway, Patrick
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    Abstract

    The author demonstrates that sustained inflation is a predictable response to price liberalization in the countries of the former Soviet Union. The author models the phenomenon in a dynamic macroeconomic framework,and demonstrates the immediate price jump followed by sustained inflation that has characterized the transitional economies of the former Soviet Union. The author supports the theoretical derivation with a simulation exercise that demonstrates the scope of sustained inflation for specific parameters.

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    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/1994/10/01/000009265_3970716141834/Rendered/PDF/multi0page.pdf
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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1368.

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    Date of creation: 31 Oct 1994
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    Handle: RePEc:wbk:wbrwps:1368

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    Related research

    Keywords: Markets and Market Access; Economic Theory&Research; Environmental Economics&Policies; Banks&Banking Reform; Access to Markets;

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    1. Reinhart, Carmen & Ostry, Jonathan, 1991. "Private Saving and Terms of Trade Shocks," MPRA Paper 13716, University Library of Munich, Germany.
    2. John Y. Campbell, 1986. "Does Saving Anticipate Declining Labor Income? An Alternative Test of the Permanent Income Hypothesis," NBER Working Papers 1805, National Bureau of Economic Research, Inc.
    3. International Monetary Fund, 1992. "Bank Insolvency and Stabilization in Eastern Europe," IMF Working Papers 92/9, International Monetary Fund.
    4. Ickes, B.W. & Ryterman, R., 1992. "Inter-Enterprise Arrears and Financial Underdevelopment in Russia," Papers 9-92-6, Pennsylvania State - Department of Economics.
    5. Giovannini, Alberto, 1985. "Saving and the real interest rate in LDCs," Journal of Development Economics, Elsevier, vol. 18(2-3), pages 197-217, August.
    6. Dornbusch, Rudiger, 1992. "Lessons from Experiences with High Inflation," World Bank Economic Review, World Bank Group, vol. 6(1), pages 13-31, January.
    7. Conway, Patrick, 1994. "The economics of cash shortage," Policy Research Working Paper Series 1367, The World Bank.
    8. Giovannini, Alberto & de Melo, Martha, 1993. "Government Revenue from Financial Repression," American Economic Review, American Economic Association, vol. 83(4), pages 953-63, September.
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