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Measures Of Shortage And Monetary Overhang In The Polish Economy

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  • Antoni Chawluk
  • Rod Cross

Abstract

This paper attempts to cast light on the debate about the existence and size of a monetary overhang in household money balances in command economies. Four measures of shortage or price deformation are constructed for the Polish economy and used to test for the existence of ''shortage''money balances in Poland 1965-1989. The approach involves estimating relationships for household money balances 1965-1993, a period that spans both central planning and the post-1990 period of liberalised prices. The principal finding is that the evolution of household money balances in Poland cannot be explained without invoking measures of shortage and an overhang during the planning period. The estimates suggest an overhang with a maximum of just over 40% of money balances. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

Suggested Citation

  • Antoni Chawluk & Rod Cross, 1997. "Measures Of Shortage And Monetary Overhang In The Polish Economy," The Review of Economics and Statistics, MIT Press, vol. 79(1), pages 105-115, February.
    • Handle: RePEc:tpr:restat:v:79:y:1997:i:1:p:105-115
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    Cited by:

    1. Blangiewicz, Maria & Charemza, Wojciech W., 1999. "East European Economic Reform: Some Simulations on a Structural Vector Autoregressive Model," Journal of Policy Modeling, Elsevier, vol. 21(5), pages 535-557, September.
    2. Antoni Chawluk, 2000. "Estimates of Demand for Money and Consumption Functions for the Household Sector in Poland, 1967-1999," Economics Series Working Papers 42, University of Oxford, Department of Economics.
    3. ALBULESCU, Claudiu Tiberiu & Pepin, Dominique, 2018. "Monetary Integration, Money-Demand Stability, and the Role of Monetary Overhang in Forecasting Inflation in CEE Countries," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 33(4), pages 841-879.
    4. Byung‐Yeon Kim & Yoshisada Shida, 2017. "Shortages and the informal economy in the Soviet republics, 1965–89," Economic History Review, Economic History Society, vol. 70(4), pages 1346-1374, November.
    5. Cezary Smuniewski & Ilona Urych & Andrea Zanini, 2021. "The Principles of Economic Transformation in Poland after 1989 According to President Lech Wałęsa: A Research in Economics and Security Studies," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 1227-1242.
    6. Blangiewicz, Maria & Charemza, Wojciech W., 2001. "East European economic reform: Some simulations on a structural VAR model," Journal of Policy Modeling, Elsevier, vol. 23(2), pages 147-160, February.
    7. Kim, Byung-Yeon, 1999. "The Income, Savings, and Monetary Overhang of Soviet Households," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 644-668, December.

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