Inflation and the Transition to a Market Economy: An Overview

Simon Commander

The World Bank Economic Review, 1992, vol. 6, issue 1, 3-12

Abstract: 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. Copyright 1992 by Oxford University Press.

Date: 1992
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