Stabilization and growth in transition economies: The early experience

被引:150
作者
Fischer, S [1 ]
Sahay, R [1 ]
Vegh, CA [1 ]
机构
[1] NATL BUR ECON RES, CAMBRIDGE, MA 02138 USA
关键词
D O I
10.1257/jep.10.2.45
中图分类号
F [经济];
学科分类号
02 ;
摘要
The authors analyze the growth and stabilization experience in twenty-six transition economies in Eastern Europe, the former Soviet Union, and Mongolia for the period 1989-94. Inflation rates have declined significantly in most countries following an inflation stabilization program. Typically, stabilization has been followed by growth within two years; and growth does not occur without stabilization. Reducing inflation thus appears to be a precondition for growth. An econometric analysis of the short-run determinants of inflation and growth illustrates the key roles of fixed exchange rates, improved fiscal balances, and structural reforms in spurring growth and lowering inflation.
引用
收藏
页码:45 / 66
页数:22
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