Money and Inflation in Yugoslavia
Yugoslav inflation unfolded as a classic wage-price-exchange rate spiral through the 1970s and 1980s, exploding into hyperinflation in the last quarter of 1989. Monetary accommodation of inflation, the behavior of demand for money, and the interaction between the two in Yugoslavia are examined. The asset-liability structure of the central bank, together with the policy stance on exchange and interest rates, led to a significant feedback from inflation to money supply. Despite their explosive and seasonal nature, real money balances were cointegrated with other economic variables, and hence, in long-run equilibrium relationship.
Volume (Year): 38 (1991)
Issue (Month): 4 (December)
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