Details

Autor(en) / Beteiligte

• Fischer, Stanley
• Sahay, Ratna
• Végh, Carlos A.

Titel

Stabilization and Growth in Transition Economies: The Early Experience

Ist Teil von

• The Journal of economic perspectives, 1996-04, Vol.10 (2), p.45-66

Ort / Verlag

Nashville, Tenn: American Economic Association

Erscheinungsjahr

1996

Quelle

Business Source Ultimate

Beschreibungen/Notizen

• The authors analyze the growth and stabilization experience in twenty-six transition economies in Eastern Europe, the former Soviet Union, and Mongolia for the period 1989-94. Inflation rates have declined significantly in most countries following an inflation stabilization program. Typically, stabilization has been followed by growth within two years; and growth does not occur without stabilization. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation.