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The Georgian Hyperinflation and Stabilization

Author

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  • Mr. Jian-Ye Wang

Abstract

This paper anlayzes the Georgian hyperinflation of 1993-94, which featured endogenous fiscal expenditures and the money supply, depreciation, and currency substitution. Hyperinflation was stopped by removing generalized consumer subsidies and tightening of monetary policy, and not by a sudden rush of credibility or imposition of an exchange rate anchor. A de facto exchange rate anchor served ex post as a vehicle for building credibility, which ensured a dramatic reversal of currency substitution when the currency reform was implemented. The paper also discusses the relatively rapid output recovery in Georgia.

Suggested Citation

  • Mr. Jian-Ye Wang, 1999. "The Georgian Hyperinflation and Stabilization," IMF Working Papers 1999/065, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1999/065
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    Cited by:

    1. Wojciech Maliszewski, 2009. "Modelling inflation in Georgia," Applied Economics, Taylor & Francis Journals, vol. 41(10), pages 1203-1213.
    2. Georgy Ganev & Marek Jarocinski & Rossitza Lubenova & Przemyslaw Wozniak, 2001. "Credibility of the Exchange Rate Policy in Transition Countries," CASE Network Reports 0038, CASE-Center for Social and Economic Research.
    3. Wojciech Maliszewski, 2003. "Modeling Inflation in Georgia," IMF Working Papers 2003/212, International Monetary Fund.

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