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The macroeconomics of price reform in socialist countries : a dynamic framework

Author

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  • Commander, Simon
  • Coricelli, Fabrizio

Abstract

This paper emphasizes the fiscal underpinnings of the inflationary process and those particular dynamics when a dual price system is present. In particular, it explores the links between price controls and decontrols and the government budget, mainly through the flow of subsidies to either consumers or producers. A clear conclusion is that without consistency in macroeconomic policy, price liberalization may simply exacerbate imbalances and ultimately provide a mechanism for sustaining inflation, hencecompromising a basic objective of macroeconomic policy.

Suggested Citation

  • Commander, Simon & Coricelli, Fabrizio, 1990. "The macroeconomics of price reform in socialist countries : a dynamic framework," Policy Research Working Paper Series 555, The World Bank.
    • Handle: RePEc:wbk:wbrwps:555
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    Citations

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    Cited by:

    1. Feltenstein, Andrew & Jiming Ha, 1993. "An analysis of repressed inflation in three transitional economies," Policy Research Working Paper Series 1132, The World Bank.
    2. Commander, Simon & Staehr, Karsten, 1991. "The determination of wages in socialist economies : some microfoundations," Policy Research Working Paper Series 713, The World Bank.
    3. Coricelli, Fabrizio & Rocha, Roberto de Rezende, 1991. "Stabilization programs in Eastern Europe : a comparative analysis of the Polish and Yugoslav programs of 1990," Policy Research Working Paper Series 732, The World Bank.

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