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Inflation and the Transition to a Market Economy: An Overview

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  • Commander, Simon

Abstract

European socialist economies were commonly characterized by low or negligible open inflation, full employment, and stable relative prices and real incomes. Associated features were significant repressed or hidden inflation and disequilibria in goods markets. More recently, as economic and political reform has advanced, attention has shifted to translating repressed into open inflation. Where such reforms have proceeded against a background of a monetary overhang, the implications of that overhang for demand-side policies have figured prominently. In all instances, however, the key underlying issue has been the transmission mechanism for inflation once the initial impulse associated with price liberalization has been imparted. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Commander, Simon, 1992. "Inflation and the Transition to a Market Economy: An Overview," The World Bank Economic Review, World Bank, vol. 6(1), pages 3-12, January.
    • Handle: RePEc:oup:wbecrv:v:6:y:1992:i:1:p:3-12
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    Cited by:

    1. Berlemann, Michael, 2014. "Inflation aversion in transition countries: Empirical evidence from the Baltic States," Economic Systems, Elsevier, vol. 38(3), pages 415-432.
    2. Ariane Tichit, 1998. "Reprise économique dans les pays post-communistes : application d'un modèle de durée," Économie et Prévision, Programme National Persée, vol. 136(5), pages 73-92.
    3. Fardmanesh, Mohsen & Tan, Li, 2009. "Structural Change in Transition Economies: Does Foreign Aid Matter?," Center Discussion Papers 56754, Yale University, Economic Growth Center.
    4. Fardmanesh, Mohsen & Tan, Li, 1996. "Wage and Price Control Policies in Socialist Transitional Economies," Center Discussion Papers 28515, Yale University, Economic Growth Center.
    5. Mohsen Fardmanesh & Li Tan, 2009. "Structural Change in Transition Economies: Does Foreign Aid Matter?," Working Papers 982, Economic Growth Center, Yale University.
    6. Fardmanesh, Mohsen & Tan, Li, 2003. "Wage and price control policies in transition economies," Journal of Development Economics, Elsevier, vol. 70(1), pages 173-200, February.

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