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Exchange Rate and the Price Level in Socialist Economies

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  • International Monetary Fund

Abstract

The paper examines how the evolution from a classical centrally planned economy to a more market-oriented system will enhance the linkage between the exchange rate and the domestic price level. However, during the transition--as the economy continues to be predominantly state-owned, the inherited production structure is only gradually modified, capital and labor mobility are still relatively low and financial discipline is less-than-complete--the elasticity of the domestic price level with respect to a change in the exchange rate, or, to a change in world market prices, may still be lower than in an otherwise comparable market economy.

Suggested Citation

  • International Monetary Fund, 1990. "Exchange Rate and the Price Level in Socialist Economies," IMF Working Papers 1990/050, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1990/050
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