Inflation and the Transition to a Market Economy: An Overview

European socialist economies were commonly characterized by low or negligible open inflation, full employment, and stable relative prices and real incomes. Associated features were significant repressed or hidden inflation and disequilibria in goods markets. More recently, as economic and political...

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Bibliographic Details
Published in:The World Bank economic review 1992-01, Vol.6 (1), p.3-12
Main Author: Commander, Simon
Format: Article
Language:English
Subjects:
Demand side economics
Economic inflation
Economic policy
Economic reform
Financial economics
Inflation rates
Socialism
Socioeconomics
Symposium on Inflation in Socialist Economies in Transition
Unemployment
World Bank
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Summary:European socialist economies were commonly characterized by low or negligible open inflation, full employment, and stable relative prices and real incomes. Associated features were significant repressed or hidden inflation and disequilibria in goods markets. More recently, as economic and political reform has advanced, attention has shifted to translating repressed into open inflation. Where such reforms have proceeded against a background of a monetary overhang, the implications of that overhang for demand-side policies have figured prominently. In all instances, however, the key underlying issue has been the transmission mechanism for inflation once the initial impulse associated with price liberalization has been imparted.
ISSN:0258-6770
1564-698X
DOI:10.1093/wber/6.1.3