BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 5/2004:
Observations on disinflation in transition economies
Paul Wachtel ()
and Iikka Korhonen ()
Abstract: The transition economies were remarkably successful in
curbing the inflation that took place after the initial transition and
shocks and, more recently, most of the countries have brought inflation
down to the levels found in major developed countries. In this paper we
review the experiences and show how fiscal discipline, monetary policy and
exchange rate policy contributed to the outcome. In addition, we note that
the influence of EU accession on institutions and policy may have played an
important role. The paper also surveys the literature on the quality of the
inflation data, the extent to which necessary relative price adjustments
have occurred and the size of the Balassa-Samuelson effect. Case studies of
disinflation in four countries are presented: Poland, Romania, Estonia and
Russia.
55 pages, April 19, 2004
Before downloading any of the electronic versions below
you should read our statement on
copyright.
Download GhostScript
for viewing Postscript files and the
Acrobat Reader for viewing and printing pdf files.
Full text versions of the paper:
dp0504.pdf 
Download Statistics
Questions (including download problems) about the papers in this series should be directed to Päivi Määttä ()
Report other problems with accessing this service to Sune Karlsson ()
or Helena Lundin ().
Programing by
Design by Joachim Ekebom
