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Fiscal Deficits, Monetary Reform and Inflation in Transition Economies: The Case of Bulgaria

Author

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  • Budina, Nina

    (CERGE and University of Amsterdam and Tinbergen Institute Amsterdam and Netherlands Research Institute and Graduate School for Economics)

  • Wijnbergen, Sweder van

    (University of Amsterdam)

Abstract

We develop a simple integrated framework to assess consistency between fiscal policy, monetary reform and inflation. The framework is designed to be applicable in transition economies, where reliable data are at a premium and the financial sector in a state of flux. The model is applied to Bulgaria and is used to assess the impact of financial reform, debt management and external debt relief on the relation between fiscal deficits and sustainable inflation. We also discuss the impact of a transition to market rate of interest on foreign and domestic debt, of a recovery of real output growth and delays in fiscal adjustment.

Suggested Citation

  • Budina, Nina & Wijnbergen, Sweder van, 1995. "Fiscal Deficits, Monetary Reform and Inflation in Transition Economies: The Case of Bulgaria," East European Series 21, Institute for Advanced Studies.
    • Handle: RePEc:ihs:ihsrop:21
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    File URL: https://irihs.ihs.ac.at/id/eprint/829
    File Function: First version, 1995
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    Cited by:

    1. Ammama & Dr. Khalid Mughal & Dr. Muhammad Aslam Khan, 2011. "Fiscal deficit and its impact on inflation, Causality and Co-integration: The Experience of Pakistan (1960-2010)," Far East Journal of Psychology and Business, Far East Research Centre, vol. 5(2), pages 51-62, December.
    2. Nina Budina & Sweder Van Wijnbergen, 2001. "Fiscal deficits, monetary reform and inflation stabilization in romania," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 4(3), pages 165-194.

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