What Explains Persistent Inflation Differentials Across Transition Economies?
Опубликовано на портале: 03-12-2007
IMF ,Working Paper.
2007.
No. 07/189.
Тематический раздел:
Panel estimates based on 19 transition economies suggests that some central banks
may aim at comparatively high inflation rates mainly to make up for, and to perhaps
exploit, lagging internal and external liberalization in their economies. Out-of-sample
forecasts, based on expected developments in the underlying structure of these economies,
and assuming no changes in institutions, suggest that incentives may be diminishing,
but not to the point where inflation levels below 5 percent could credibly be announced
as targets. Greater economic liberalization would help reduce incentives for higher
inflation, and enhancements to central bank independence could help shield these
central banks from pressures.
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