Relating Debt to Inflation among Transition Economies: A Blueprint from Mature Economies&quest

Trond-Arne Borgersen and Roswitha M King
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Trond-Arne Borgersen: Faculty of Economics, Social Sciences and Languages, Østfold University College, Remmen, Halden, Ostfold N-1757, Norway.
Roswitha M King: Faculty of Economics, Social Sciences and Languages, Østfold University College, Remmen, Halden, Ostfold N-1757, Norway.

Comparative Economic Studies, 2013, vol. 55, issue 4, 606-635

Abstract: Do transition economies carry features distinct from those of mature economies? Exploring the relation between debt and inflation in mature and transition economies in a two-sector model with endogenous industrial structure, structural factors are shown to hinder achieving balanced performance on debt and inflation for transition economies, quite distinct from mature economies. The Maastricht criteria on debt and inflation, making no distinction between these types of economies, serve as a frame of reference. Should both types of economies face the same euro-zone entry conditions? As our reasoning shows how one size does not fit all, our answer is no.

Date: 2013
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