Money and Inflation in Yugoslavia

Ashok Kumar Lahiri
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Ashok Kumar Lahiri: International Monetary Fund

IMF Staff Papers, 1991, vol. 38, issue 4, 751-788

Abstract: Yugoslav inflation unfolded as a classic wage-price-exchange rate spiral through the 1970s and 1980s, exploding into hyperinflation in the last quarter of 1989. Monetary accommodation of inflation, the behavior of demand for money, and the interaction between the two in Yugoslavia are examined. The asset-liability structure of the central bank, together with the policy stance on exchange and interest rates, led to a significant feedback from inflation to money supply. Despite their explosive and seasonal nature, real money balances were cointegrated with other economic variables, and hence, in long-run equilibrium relationship.

JEL-codes: E31 E41 E58 E63 H62 P22 (search for similar items in EconPapers)
Date: 1991
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