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The Effect of Incomes Policies on Inflation in Bulgaria and Poland

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  • Enev, Tihomir
  • Koford, Kenneth

Abstract

Transition countries, and many other countries with incomplete markets, have faced long periods with both high inflation and unemployment. Policies to reduce inflation without high unemployment include incomes policies, which were widely employed in transition countries. This paper studies the effects of incomes policies on inflation in Bulgaria and Poland in 1990-93. The actual policies, which were complex and changing, are examined. The policies do not appear well-designed in a technical sense to reduce inflation. A time-series analysis is made which includes standard determinants of inflation including past inflation, wage increases, exchange rate changes, and monetary changes, plus a dummy for incomes policies. The regressions are fairly successful in fitting standard factors that should influence inflation, particularly the exchange rate and unemployment in Bulgaria and wages and unemployment in Poland. They find a fairly substantial inflation-reducing effect from the Bulgarian policy but no significant results from the Polish policy. Copyright 2000 by Kluwer Academic Publishers

Suggested Citation

  • Enev, Tihomir & Koford, Kenneth, 2000. "The Effect of Incomes Policies on Inflation in Bulgaria and Poland," Economic Change and Restructuring, Springer, vol. 33(3), pages 141-169.
  • Handle: RePEc:kap:ecopln:v:33:y:2000:i:3:p:141-69
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    Cited by:

    1. Ansgar Belke & Daniel Gros, 2017. "Greece and the Troika – Lessons from International Best Practice Cases of Successful Price (and Wage) Adjustment," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 14(2), pages 177-195, December.
    2. Ekaterina Vostroknutova, 2003. "Polish Stabilization: What can we learn from the I(2) Cointegration Analysis?," Economic Change and Restructuring, Springer, vol. 36(2), pages 177-198, June.

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