This paper is the lead chapter of “Managing Volatility and Crises: A Practitioner’s Guide. ” This... more This paper is the lead chapter of “Managing Volatility and Crises: A Practitioner’s Guide. ” This volume is the outcome of a recent World Bank-financed study, and encompasses 11 chapters contributed by World Bank and academic economists. We thank Yaw Ansu, Gobind Nankani and Zia Qureshi for their support and encouragement throughout this endeavor. We also thank the authors and peer reviewers, listed by chapter:
Standard explanations of hyperinflation have focused on the impact of a rapid expansion of the mo... more Standard explanations of hyperinflation have focused on the impact of a rapid expansion of the money supply required to finance a given real fiscal deficit. There are, however, a continuum of initial price levels and dynamic price paths that would lead to the hyperinflation stationary state, which is completely locally stable. This non-uniqueness property poses conceptual and empirical problems. This paper preseits a scenario under which there is a unique saddle-path for prices that leads to the hyperinflationary steady-state. This results from our consideration of an open economy with a dual exchange system: an official system in which foreign exchange is rationed, and a black market rate which freely floats. The lAtter is supplied by smuggled exports and finances foreign asset accumulation and imports which are rationed out of the official market. Hyperinflation can arise if the authorities attempt to integrate the black and official foreign exchange markets by systematically deva...
Basing their report on repeat visits in late 1992 to 75 large state-owned manufacturing enterpris... more Basing their report on repeat visits in late 1992 to 75 large state-owned manufacturing enterprises (which had been earlier surveyed in mid-1991), the authors present optimistic new evidence about the transformation of state-owned enterprises in Poland. This evidence shows state-...
No abstract is available for this item. ... To our knowledge, this item is not available for down... more No abstract is available for this item. ... To our knowledge, this item is not available for download. To find whether it is available, there are three options: 1. Check below under "Related research" whether another version of this item is available online. 2. Check on the ...
This paper is the lead chapter of “Managing Volatility and Crises: A Practitioner’s Guide. ” This... more This paper is the lead chapter of “Managing Volatility and Crises: A Practitioner’s Guide. ” This volume is the outcome of a recent World Bank-financed study, and encompasses 11 chapters contributed by World Bank and academic economists. We thank Yaw Ansu, Gobind Nankani and Zia Qureshi for their support and encouragement throughout this endeavor. We also thank the authors and peer reviewers, listed by chapter:
Standard explanations of hyperinflation have focused on the impact of a rapid expansion of the mo... more Standard explanations of hyperinflation have focused on the impact of a rapid expansion of the money supply required to finance a given real fiscal deficit. There are, however, a continuum of initial price levels and dynamic price paths that would lead to the hyperinflation stationary state, which is completely locally stable. This non-uniqueness property poses conceptual and empirical problems. This paper preseits a scenario under which there is a unique saddle-path for prices that leads to the hyperinflationary steady-state. This results from our consideration of an open economy with a dual exchange system: an official system in which foreign exchange is rationed, and a black market rate which freely floats. The lAtter is supplied by smuggled exports and finances foreign asset accumulation and imports which are rationed out of the official market. Hyperinflation can arise if the authorities attempt to integrate the black and official foreign exchange markets by systematically deva...
Basing their report on repeat visits in late 1992 to 75 large state-owned manufacturing enterpris... more Basing their report on repeat visits in late 1992 to 75 large state-owned manufacturing enterprises (which had been earlier surveyed in mid-1991), the authors present optimistic new evidence about the transformation of state-owned enterprises in Poland. This evidence shows state-...
No abstract is available for this item. ... To our knowledge, this item is not available for down... more No abstract is available for this item. ... To our knowledge, this item is not available for download. To find whether it is available, there are three options: 1. Check below under "Related research" whether another version of this item is available online. 2. Check on the ...
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