The first stage of the transition in the economies of the former USSR: asymmetric shocks, macroeconomic imbalances and seigniorage

M. Caruso
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M. Caruso: Banca d'Italia

Banca Nazionale del Lavoro Quarterly Review, 1995, vol. 48, issue 192, 85-108

Abstract: The transition from a planned to a decentralised market economy amongst the new independent republics of the former Soviet Union has often been accompanied by harsh political competition to obtain the responsibility for implementing the required institutional reforms. A brief overview is provided of the components of these transitions towards a market economy. An estimate is made of the seignorage in these transitions by assessing the inflation tax on money holders that is implicit in the very high growth rates of prices in 1992.

Keywords: Evaluation; Economic aspects; Capitalism; Former Soviet Union (search for similar items in EconPapers)
JEL-codes: E02 P20 (search for similar items in EconPapers)
Date: 1995
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