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Inflation and Stabilization in Albania

  • Sulo Haderi
  • Harry Papapanagos

    ()

  • Peter Sanfey

    ()

  • Mirela Talka

This paper analyses the determinants of inflation in Albania during the transition period. We attempt to explain how albania has been so successful in reducing inflation to a level comparable to many countries in the European Union. We discuss the relative importance of monetary, fiscal, and external variables, and in particular, we highlight the role of remittances and private transfers by emigrants. Using vector autoregression analysis, we demonstrate how shocks to remittances affect the subsequent paths of inflation and the exchange rate. Our main conclusion is that, while there are important lessons from the Albanian experience for other ex-communist countries, the presence of large-scale emigration and huge remittance flows make Albania unique among European countries in transition, to the extent that these factors aided the anti-inflation programme.

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Paper provided by School of Economics, University of Kent in its series Studies in Economics with number 9613.

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Date of creation: Sep 1996
Date of revision:
Publication status: Published in Post-Communist Economies, 1999, 11(1), pp.127-141
Handle: RePEc:ukc:ukcedp:9613
Contact details of provider: Postal: School of Economics, University of Kent, Canterbury, Kent, CT2 7NP
Phone: +44 (0)1227 827497
Web page: http://www.kent.ac.uk/economics/

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  1. Bruno, Michael & Easterly, William, 1998. "Inflation crises and long-run growth," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 3-26, February.
  2. Ahmet Mancellari & Harry Papapanagos & Peter Sanfey, 1996. "Job creation and temporary emigration: the Albanian experience," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 4(2), pages 471-490, October.
  3. Thomas D. Willett & Fahim Al-Marhubi, 1994. "Currency Policies for Inflation Control in the Formerly Centrally Planned Economies," The World Economy, Wiley Blackwell, vol. 17(6), pages 795-815, November.
  4. Carlos A. Végh Gramont, 1991. "Stopping High Inflation: An Analytical Overview," IMF Working Papers 91/107, International Monetary Fund.
  5. Calvo, Guillermo A & Vegh, Carlos A, 1995. "Fighting Inflation with High Interest Rates: The Small Open Economy Case under Flexible Prices," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(1), pages 49-66, February.
  6. Aslund Anders, 1994. "Lessons of the First Four Years of Systemic Change in Eastern Europe," Journal of Comparative Economics, Elsevier, vol. 19(1), pages 22-38, August.
  7. R. B. Johnston & Piroska Mohácsi Nagy & Roy Pepper & Mauro Mecagni & Ratna Sahay & Mario I. Bléjer & Richard Hides, 1992. "Albania: From Isolation Toward Reform," IMF Occasional Papers 98, International Monetary Fund.
  8. Rudiger Dornbusch & Stanley Fischer, 1986. "Stopping Hyperinflations Past and Present," NBER Working Papers 1810, National Bureau of Economic Research, Inc.
  9. Sachs, Jeffrey D, 1996. "Economic Transition and the Exchange-Rate Regime," American Economic Review, American Economic Association, vol. 86(2), pages 147-52, May.
  10. S. Fisher & R. Sahay & C. A. Vegh, 1997. "Stabilization and Growth in Transition Economies: The Early Experience," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 5.
  11. Ratna Sahay & Carlos A. Vegh, 1996. "Inflation and stabilization in transition economies: An analytical interpretation of the evidence," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 1(1), pages 75-108.
  12. Peter J. Montiel, 1989. "Empirical Analysis of High-Inflation Episodes in Argentina, Brazil, and Israel," IMF Staff Papers, Palgrave Macmillan, vol. 36(3), pages 527-549, September.
  13. Richard Layard & Ansgar Richter, 1994. "Who Gains and Who Loses from Russian Credit Expansion," CEP Discussion Papers dp0200, Centre for Economic Performance, LSE.
  14. Carlos A. Végh, 1992. "Stopping High Inflation: An Analytical Overview," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 626-695, September.
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