Disinflation in Transition Economies
Edited by Marek Dabrowski, Vice Chairman of
the Center for Social and Economic Research, Warsaw
"This is the only truly comprehensive analysis of disinflation
in the post-communist period. The book is comprehensive
in the sense that all the countries of the former Soviet
bloc are covered, all of the key issues relating to
disinflation are assessed carefully and with insight
and the problems of disinflation are addressed using
the latest theoretical and empirical tools. . The volume
is likely to become the definitive work on the subject
of disinflation in post-communist economies."
- Jacek Rostowski, Head of Economics Department,
Central European University, Budapest
Marek Dabrowski took active part in the team
of young Polish economists headed by Leszek Balcerowicz,
which in 1980-81 presented the most radical variant
of the socialist market reform.
In 1989 he was invited to help prepare the economic
program of the first democratic government of Poland.
From 1989 to 1990 he was First Deputy Minister of Finance.
In 1991 he helped found and later became Vice Chairman
of the CASE-Center for Social and Economic Research,
a private international research and policy-advising
institution in many transition-supporting projects.
From 1994 to 1995, he was a visiting consultant in the
Policy Research Department of the World Bank. Since
1998 he has been a member of the Monetary Policy Council
of the National Bank of Poland.
The authors of this outstanding scholarly work analyze
the dynamics of disinflation in transition economies
in Central and Eastern Europe.
The volume covers all the key factors of this process:
changes in money supply and money demand; exchange rate
policy; currency crisis; fiscal policy; legal status
of central banks; monetary policy strategy; changes
in relative prices and changes in nominal and real wages.
The publication will bring fresh arguments to the
ongoing policy discussion on the importance of low inflation
in transition countries and the role of a proper monetary
policy mix and exchange rate policy in achieving sustainable
The volume contains 13 chapters related to various
aspects of disinflation and covering different sets
of transition countries depending on their relevance
to the analyzed topic and data availability.
Written in a clear and concise manner, this book will
be of interest to both academic and professional economists
interested in the post-communist countries, and to international
financial institutions and policy makers.
1. Disinflation strategies in transition economies
and their effectiveness 2. Monetary expansion
in transition economies and their influence on inflation
performance 3. Money demand and monetization
in transition economies 4. The influence of the exchange
rate stability on inflation 5. Inflationary consequences
of devaluation crises in Russia and Ukraine: The first
observations 6. Disinflation policy, capital inflow
and current account balance 7. Modeling real
exchange rate in transition: The case of Poland and
Romania 8. Disinflation and fiscal policy in
transition economies 9. Central bank independence
in transition economies and its impact on inflation
10. Relative price adjustment in the Czech Republic,
Hungary and Poland. Comparison of the size and impact
on inflation 11. Wage-price spiral in transition
economies 12. Monetary policy targeting in Central
Europe's transition economies 13. Prospects for
a further disinflation policy in Poland
The contributors to the volume are all first-class
Polish economists associated with the CASE institute
in Warsaw and a number of Polish and Western universities.
ISBN 978-963-9241-29-9 cloth $49.95 / €44.95 /