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Explaining and Forecasting the Velocity of Money in Transition Economies, with Special Reference to the Baltics, Russia and other Countries of the Former Soviet Union

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  • International Monetary Fund

Abstract

The paper identifies a number of stylized facts on the behavior of key macroeconomic variables during high inflation and stabilization in countries in transition. To examine the extent to which these stylized facts conform to the predictions of standard open economy monetary theory, the paper develops a simple monetary model of the exchange rate incorporating price stickiness and inflation inertia, and carries out an econometric analysis of the behavior of real money balances during inflation stabilization. The paper concludes by assessing the prospects for velocity developments in countries in transition, including the likely pace of remonetization.

Suggested Citation

  • International Monetary Fund, 1997. "Explaining and Forecasting the Velocity of Money in Transition Economies, with Special Reference to the Baltics, Russia and other Countries of the Former Soviet Union," IMF Working Papers 1997/108, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/108
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    Citations

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    Cited by:

    1. Polak, Jacques J., 1998. "The IMF monetary model at 40," Economic Modelling, Elsevier, vol. 15(3), pages 395-410, July.
    2. Warren Coats & Marko Škreb, 2002. "Ten Years of Transition - Central Banking in the CEE and the Baltics," Surveys 7, The Croatian National Bank, Croatia.
    3. Ms. Sònia Muñoz, 2006. "Suppressed Inflation and Money Demand in Zimbabwe," IMF Working Papers 2006/015, International Monetary Fund.
    4. Mariam El Hamiani Khatat, 2018. "Monetary Policy and Models of Currency Demand," IMF Working Papers 2018/028, International Monetary Fund.

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