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Disinflation in Transition Economies

Edited by Marek Dabrowski, Vice Chairman of the Center for Social and Economic Research, Warsaw

"This is the only truly comprehensive analysis of disinflation in the post-communist period. The book is comprehensive in the sense that all the countries of the former Soviet bloc are covered, all of the key issues relating to disinflation are assessed carefully and with insight and the problems of disinflation are addressed using the latest theoretical and empirical tools. . The volume is likely to become the definitive work on the subject of disinflation in post-communist economies."
- Jacek Rostowski, Head of Economics Department, Central European University, Budapest

Marek Dabrowski took active part in the team of young Polish economists headed by Leszek Balcerowicz, which in 1980-81 presented the most radical variant of the socialist market reform.

In 1989 he was invited to help prepare the economic program of the first democratic government of Poland. From 1989 to 1990 he was First Deputy Minister of Finance. In 1991 he helped found and later became Vice Chairman of the CASE-Center for Social and Economic Research, a private international research and policy-advising institution in many transition-supporting projects. From 1994 to 1995, he was a visiting consultant in the Policy Research Department of the World Bank. Since 1998 he has been a member of the Monetary Policy Council of the National Bank of Poland.

The authors of this outstanding scholarly work analyze the dynamics of disinflation in transition economies in Central and Eastern Europe.

The volume covers all the key factors of this process: changes in money supply and money demand; exchange rate policy; currency crisis; fiscal policy; legal status of central banks; monetary policy strategy; changes in relative prices and changes in nominal and real wages.

The publication will bring fresh arguments to the ongoing policy discussion on the importance of low inflation in transition countries and the role of a proper monetary policy mix and exchange rate policy in achieving sustainable disinflation.

The volume contains 13 chapters related to various aspects of disinflation and covering different sets of transition countries depending on their relevance to the analyzed topic and data availability.

Written in a clear and concise manner, this book will be of interest to both academic and professional economists interested in the post-communist countries, and to international financial institutions and policy makers.

 

Contents

1. Disinflation strategies in transition economies and their effectiveness 2. Monetary expansion in transition economies and their influence on inflation performance 3. Money demand and monetization in transition economies 4. The influence of the exchange rate stability on inflation 5. Inflationary consequences of devaluation crises in Russia and Ukraine: The first observations 6. Disinflation policy, capital inflow and current account balance 7. Modeling real exchange rate in transition: The case of Poland and Romania 8. Disinflation and fiscal policy in transition economies 9. Central bank independence in transition economies and its impact on inflation 10. Relative price adjustment in the Czech Republic, Hungary and Poland. Comparison of the size and impact on inflation 11. Wage-price spiral in transition economies 12. Monetary policy targeting in Central Europe's transition economies 13. Prospects for a further disinflation policy in Poland

The contributors to the volume are all first-class Polish economists associated with the CASE institute in Warsaw and a number of Polish and Western universities.


2003
280 pages
ISBN 978-963-9241-29-9 cloth $49.95 / €44.95 / 40.00

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