Stabilization in the Baltic Countries: A Comparative Analysis
The Baltic countries began their stabilization and reform process in earnest in mid-1992. During the first two and a half years of reform, these countries have made significant progress in macroeconomic stabilization. Financial policies were tight, inflation was brought down, and by 1994, the output...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
1995
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 95/44 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | The Baltic countries began their stabilization and reform process in earnest in mid-1992. During the first two and a half years of reform, these countries have made significant progress in macroeconomic stabilization. Financial policies were tight, inflation was brought down, and by 1994, the output decline had bottomed out and recovery was under way. The paper analyzes the key aspects of this adjustment process in a comparative framework. Apart from comparing the Baltic stabilization programs themselves, major features of their fiscal adjustment, price, and output stabilization are related to the Central European experience. Factors that could explain the good performance in the Baltic countries are suggested and key aspects of an adjustment process typical for an exchange-rate-based stabilization and money-based stabilization, respectively, are discussed. The paper argues that in light of the Baltic experience the credibility of stabilization policies has been of greater importance than the choice of the exchange rate regime per se. Moreover, the cost of disinflation in terms of lost output was limited and short lived |
| Beschreibung: | 1 Online-Ressource (52 p) |
| ISBN: | 145197468X 9781451974683 |
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| 520 | 3 | |a The Baltic countries began their stabilization and reform process in earnest in mid-1992. During the first two and a half years of reform, these countries have made significant progress in macroeconomic stabilization. Financial policies were tight, inflation was brought down, and by 1994, the output decline had bottomed out and recovery was under way. The paper analyzes the key aspects of this adjustment process in a comparative framework. Apart from comparing the Baltic stabilization programs themselves, major features of their fiscal adjustment, price, and output stabilization are related to the Central European experience. Factors that could explain the good performance in the Baltic countries are suggested and key aspects of an adjustment process typical for an exchange-rate-based stabilization and money-based stabilization, respectively, are discussed. The paper argues that in light of the Baltic experience the credibility of stabilization policies has been of greater importance than the choice of the exchange rate regime per se. Moreover, the cost of disinflation in terms of lost output was limited and short lived | |
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| index_date | 2024-07-03T20:13:17Z |
| indexdate | 2024-07-10T09:35:24Z |
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| spelling | Saavalainen, Tapio Verfasser aut Stabilization in the Baltic Countries A Comparative Analysis Saavalainen, Tapio Washington, D.C International Monetary Fund 1995 1 Online-Ressource (52 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 95/44 The Baltic countries began their stabilization and reform process in earnest in mid-1992. During the first two and a half years of reform, these countries have made significant progress in macroeconomic stabilization. Financial policies were tight, inflation was brought down, and by 1994, the output decline had bottomed out and recovery was under way. The paper analyzes the key aspects of this adjustment process in a comparative framework. Apart from comparing the Baltic stabilization programs themselves, major features of their fiscal adjustment, price, and output stabilization are related to the Central European experience. Factors that could explain the good performance in the Baltic countries are suggested and key aspects of an adjustment process typical for an exchange-rate-based stabilization and money-based stabilization, respectively, are discussed. The paper argues that in light of the Baltic experience the credibility of stabilization policies has been of greater importance than the choice of the exchange rate regime per se. Moreover, the cost of disinflation in terms of lost output was limited and short lived Online-Ausg http://elibrary.imf.org/view/IMF001/06480-9781451974683/06480-9781451974683/06480-9781451974683.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Saavalainen, Tapio Stabilization in the Baltic Countries A Comparative Analysis |
| title | Stabilization in the Baltic Countries A Comparative Analysis |
| title_auth | Stabilization in the Baltic Countries A Comparative Analysis |
| title_exact_search | Stabilization in the Baltic Countries A Comparative Analysis |
| title_exact_search_txtP | Stabilization in the Baltic Countries A Comparative Analysis |
| title_full | Stabilization in the Baltic Countries A Comparative Analysis Saavalainen, Tapio |
| title_fullStr | Stabilization in the Baltic Countries A Comparative Analysis Saavalainen, Tapio |
| title_full_unstemmed | Stabilization in the Baltic Countries A Comparative Analysis Saavalainen, Tapio |
| title_short | Stabilization in the Baltic Countries |
| title_sort | stabilization in the baltic countries a comparative analysis |
| title_sub | A Comparative Analysis |
| url | http://elibrary.imf.org/view/IMF001/06480-9781451974683/06480-9781451974683/06480-9781451974683.xml |
| work_keys_str_mv | AT saavalainentapio stabilizationinthebalticcountriesacomparativeanalysis |