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Inflation Stabilization, Fiscal Deficits, and Public Debt Management in Poland

  • van Wijnbergen, Sweder
  • Budina, Nina

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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File URL: http://www.sciencedirect.com/science/article/B6WHV-45BCCTR-1B/2/8569c74995137d8a8ee648028d1af94d
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Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 29 (2001)
Issue (Month): 2 (June)
Pages: 293-309

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Handle: RePEc:eee:jcecon:v:29:y:2001:i:2:p:293-309
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622864

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  1. Bas Van Aarle & Nina Budina, 1996. "Currency substitution and seignorage in eastern europe," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 1(3), pages 279-298.
  2. Sahay, Ratna & Vegh, Carlos, 1995. "Dollarization in transition economies: Evidence and policy implications," MPRA Paper 20490, University Library of Munich, Germany.
  3. Timothy D. Lane, 1991. "Inflation Stabilization and Economic Transformation in Poland; The First Year," IMF Working Papers 91/70, International Monetary Fund.
  4. Peter Boswijk, H., 1994. "Testing for an unstable root in conditional and structural error correction models," Journal of Econometrics, Elsevier, vol. 63(1), pages 37-60, July.
  5. Willem H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," IMF Working Papers 97/31, International Monetary Fund.
  6. 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.
  7. 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.
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