IDEAS home Printed from https://ideas.repec.org/a/psl/bnlaqr/199514.html
   My bibliography  Save this article

The first stage of the transition in the economies of the former USSR: asymmetric shocks, macroeconomic imbalances and seigniorage

Author

Listed:
  • M. CARUSO

    (Banca d'Italia)

Abstract

The transition from a planned to a decentralised market economy amongst the new independent republics of the former Soviet Union has often been accompanied by harsh political competition to obtain the responsibility for implementing the required institutional reforms. A brief overview is provided of the components of these transitions towards a market economy. An estimate is made of the seignorage in these transitions by assessing the inflation tax on money holders that is implicit in the very high growth rates of prices in 1992.

Suggested Citation

  • M. Caruso, 1995. "The first stage of the transition in the economies of the former USSR: asymmetric shocks, macroeconomic imbalances and seigniorage," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 85-108.
    • Handle: RePEc:psl:bnlaqr:1995:14
    as

    Download full text from publisher

    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10510/10396
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ahmad, S Ehtisham, 1993. "Poverty, Demographic Characteristics and Public Policy in CIS Countries," Public Finance = Finances publiques, , vol. 48(Supplemen), pages 366-379.
    2. David G. Tarr, 2017. "The Terms-of-Trade Effects of Moving to World Prices on Countries of the Former Soviet Union," World Scientific Book Chapters, in: Trade Policies for Development and Transition, chapter 12, pages 271-294, World Scientific Publishing Co. Pte. Ltd..
    3. R McKinnon, 1991. "Financial Control in the Transition to a Market Economy," CEP Discussion Papers dp0040, Centre for Economic Performance, LSE.
    4. Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
    5. Aizenman, Joshua, 1992. "Competitive Externalities and the Optimal Seigniorage," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(1), pages 61-71, February.
    6. Mr. Ehtisham Ahmad, 1993. "Poverty, Demographic Characteristics, and Public Policy in Cis Countries," IMF Working Papers 1993/009, International Monetary Fund.
    7. Mastropasqua, C. & Rolli, V., 1993. "Industrial Countries'Protectionism with Respect to Eastern Europe: The Impact of the Association Agreement Concluded with the Ec on the Exports of Poland, Czechoslovakia and Hungary," Papers 188, Banca Italia - Servizio di Studi.
    8. Lucjan Orlowski, 1993. "Indirect transfers in trade among former Soviet Union Republics: Sources, patterns and policy responses in the Post‐Soviet period," Europe-Asia Studies, Taylor & Francis Journals, vol. 45(6), pages 1001-1024.
    9. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation," IMF Staff Papers, Palgrave Macmillan, vol. 39(4), pages 741-777, December.
    10. Mr. Michael Bruno, 1992. "Stabilization and Reform in Eastern Europe: A Preliminary Evaluation," IMF Working Papers 1992/030, International Monetary Fund.
    11. Alexander G. Granberg, 1993. "The National And Regional Commodity Markets In The Ussr: Trends And Contradictions Of The Transition Period," Papers in Regional Science, Wiley Blackwell, vol. 72(1), pages 3-23, January.
    12. Kaminski, Bartlomiej & Yeats, Alexander, 1993. "OECD trade barriers faced by the successor states of the Soviet Union," Policy Research Working Paper Series 1175, The World Bank.
    13. Vito Tanzi, 1993. "The Budget Deficit in Transition: A Cautionary Note," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 697-707, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Massimo Caruso, 2002. "Procyclical Productivity and Output Growth in China: An Econometric Analysis," Open Economies Review, Springer, vol. 13(3), pages 251-274, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. M. Caruso, 1995. "The first stage of the transition in the economies of the former USSR: asymmetric shocks, macroeconomic imbalances and seigniorage," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 85-108.
    2. Bhattacharya, Rina, 1997. "Pace, sequencing and credibility of structural reforms," World Development, Elsevier, vol. 25(7), pages 1045-1061, July.
    3. de Melo, Martha & Denizer, Cevdet & Gelb, Alan & Tenev, Stoyan, 1997. "Circumstance and choice : the role of initial conditions and policies in transition economies," Policy Research Working Paper Series 1866, The World Bank.
    4. Alexandru Minea & Patrick Villieu, 2006. "Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs," Post-Print halshs-00261119, HAL.
    5. Alain de Crombrugghe & David Lipton, 1993. "The Government Budget and the Economic Transformation of Poland," WIDER Working Paper Series wp-1993-111, World Institute for Development Economic Research (UNU-WIDER).
    6. Turhan, Ibrahim M., 2008. "Why did it work this time: a comparative analysis of transformation of Turkish economy after 2002," MPRA Paper 31158, University Library of Munich, Germany.
    7. van Aarle, B. & Budina, N., 1995. "Currency substitution in Eastern Europe," Other publications TiSEM ae2e408f-a310-4eb3-9d89-5, Tilburg University, School of Economics and Management.
    8. Roubini, Nouriel & Sala-i-Martin, Xavier, 1995. "A growth model of inflation, tax evasion, and financial repression," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 275-301, April.
    9. Avanesyan, Vahram & Freinkman, Lev, 2002. "Costing-out the Big Bang: Impact of external shocks on the Armenian economy at the outset of transition," MPRA Paper 10012, University Library of Munich, Germany.
    10. Heinrich, Ralph P., 1993. "Microeconomic adjustment in Hungary: Results from a survey of enterprises," Kiel Working Papers 599, Kiel Institute for the World Economy (IfW Kiel).
    11. Alan Gelb & Gary Jefferson & Inderjit Singh, 1993. "Can Communist Economies Transform Incrementally? The Experience of China," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 87-150, National Bureau of Economic Research, Inc.
    12. Falk, Martin & Raiser, Martin & Brauer, Holger, 1996. "Making sense of the J-curve: Capital utilisation, output, and total factor productivity in Polish industry 1990-1993," Kiel Working Papers 723, Kiel Institute for the World Economy (IfW Kiel).
    13. Jean-Charles Asselain & François Bourguignon, 1994. "Convertibilité précoce et protection par le change : un premier bilan de la réinsertion internationale des pays de l'Est," Revue Économique, Programme National Persée, vol. 45(3), pages 833-844.
    14. Chadha, Bankim & Coricelli, Fabrizio, 1997. "Fiscal constraints and the speed of transition," Journal of Development Economics, Elsevier, vol. 52(1), pages 221-249, February.
    15. Jocelyn Horne, 1995. "The Economics of Transition and the Transition of Economics," The Economic Record, The Economic Society of Australia, vol. 71(4), pages 379-392, December.
    16. Enrico C Perotti, 1994. "A taxonomy of post‐socialist financial systems: decentralized enforcement and the creation of inside money," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 2(1), pages 71-81, March.
    17. Luca Barbone & Domenico Marchetti, 1995. "Transition and the fiscal crisis in Central Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(1), pages 59-74, March.
    18. Raiser, Martin, 1992. "Soft budget constraints: An institutional interpretation of stylised facts in economic transformation in Central Eastern Europe," Kiel Working Papers 549, Kiel Institute for the World Economy (IfW Kiel).
    19. Orlowski, Lucjan T., 2004. "Money rules for monetary convergence to the euro," Journal of Policy Modeling, Elsevier, vol. 26(7), pages 817-837, October.
    20. Lucjan T. Orlowski, 1995. "Preparations of the Visegrad Group countries for admission to the European Union: monetary policy aspects," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 3(3), pages 333-353, September.

    More about this item

    Keywords

    Evaluation; Economic aspects; Capitalism; Former Soviet Union;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:psl:bnlaqr:1995:14. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.