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The first stage of the transition in the economies of the former USSR: asymmetric shocks, macroeconomic imbalances and seigniorage

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  • M. CARUSO

    (Banca d'Italia)

Abstract

The transition from a planned to a decentralised market economy amongst the new independent republics of the former Soviet Union has often been accompanied by harsh political competition to obtain the responsibility for implementing the required institutional reforms. A brief overview is provided of the components of these transitions towards a market economy. An estimate is made of the seignorage in these transitions by assessing the inflation tax on money holders that is implicit in the very high growth rates of prices in 1992.

Suggested Citation

  • M. Caruso, 1995. "The first stage of the transition in the economies of the former USSR: asymmetric shocks, macroeconomic imbalances and seigniorage," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 85-108.
    • Handle: RePEc:psl:bnlaqr:1995:14
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10510/10396
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    References listed on IDEAS

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    Cited by:

    1. Massimo Caruso, 2002. "Procyclical Productivity and Output Growth in China: An Econometric Analysis," Open Economies Review, Springer, vol. 13(3), pages 251-274, July.

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    Keywords

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    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

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