Hidden and Repressed Inflation in Soviet-Type Economies: Definitions, Measurements and Stabilisation

Domenico Mario Nuti ()
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Domenico Mario Nuti: University of Rome

Chapter 5 in Collected Works of Domenico Mario Nuti, Volume I, 2023, pp 91-150 from Palgrave Macmillan

Abstract: Abstract Official price trends in the USSR and in the Soviet-type economies have changed markedly through time but have followed a roughly uniform general pattern: hyperinflation at times of war, systemic transition and reconstruction; inflation at times of accelerated industrialisation; stabilisation through currency reform and fiscal measures, followed by modest deflation and a record of substantial price stability, recently broken by the spreading—with fewer and fewer exceptions—of renewed open inflation. This general pattern is due to fairly uniform trends in both policy stances and objective conditions: in theory central planning of both physical and financial flows should enable Soviet-type economies to achieve price stability; in practice the persistence of downward rigidity of money wages, the ambitious growth and accumulation targets, as well as adverse exogenous and systemic factors, have frequently necessitated planned or unplanned price increases.

Date: 2023
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DOI: 10.1007/978-3-031-12334-4_5

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