Inflation and Growth in Transition: Are the Asian Economies Different?

IMF Working Papers, August 1, 1999

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Inflation and Growth in Transition: Are the Asian Economies Different?

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Bibliographic details

• Authors: Torsten M Sloek, Sanja Kalra
• Published: August 1, 1999
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451854060.001

Scope and purpose

• Examines the progress made in four Asian transition economies—China, Lao P.D.R., Vietnam, and Mongolia—to market-based systems.
• Compares inflation stabilization and output growth experience of these economies with that of transition economies elsewhere.

Key findings

• Overall, these economies appear to have had a more favorable experience with inflation stabilization and output growth than that of transition economies elsewhere.
• Initial conditions played an important role in determining the strategy and speed of the transition.
• Growth performance benefited from continued macroeconomic stability and reforms in a key sector (such as agriculture).
• The analysis confirms the need for sustained and rapid structural reforms.
• The paper highlights the constraints for sustainable growth posed by weak financial and enterprise sectors.

Policy implications and recommendations

• Sustain macroeconomic stability to support continued growth and inflation stabilization.
• Pursue sustained and rapid structural reforms, with emphasis on key sectors (for example, agriculture) that can drive growth.
• Address weaknesses in financial and enterprise sectors to remove constraints on sustainable growth.

Subject areas and keywords

• Subject: Agricultural sector, Disinflation, Economic sectors, Inflation, Macrostructural analysis, Prices, Public enterprises, Structural reforms
• Keywords: Agricultural sector, Asia, BRO country, BRO economy, Central and Eastern Europe, Disinflation, economic system, economy, growth, inflation, inflation performance, inflation stabilization effort, Public enterprises, structural reforms, Transition economies, transition economy, WP

Content in this bundle

• Inflation and Growth in Trasition: Are the Asian Economies Different? _ WP/99/118
  • Inflation and Growth in Trasition: Are the Asian Economies Different? _ WP/99/118 (Markdown version)
  • Inflation and Growth in Trasition: Are the Asian Economies Different? _ WP/99/118 (PDF)