{
  "title": "Inflation in Transition Economies: How Much? and Why?",
  "publication": "IMF Working Papers, July 1, 1997",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251",
  "overlayPath": "/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251/index.md",
  "summary": "Following very high inflation rates at the beginning of the reform process, most transition countries have succeeded in lowering their inflation to more moderate rates.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Author: Atish R. Ghosh\n- Publication date: July 1, 1997\n- Series: Working Paper No. 1997/080\n- Issue: 080\n- Volume: 1997\n- Pages: 28\n- DOI: https://doi.org/10.5089/9781451955569.001\n- ISSN: 1018-5941\n- ISBN: 9781451955569\n- Stock No: WPIEA0801997\n- Core summary:\n  - Following very high inflation rates at the beginning of the reform process, most transition countries have succeeded in lowering their inflation to more moderate rates.\n  - Inflation rates in the Baltics, Russia, and other countries of the former Soviet Union are now typically in the range of 10–60 percent.\n  - The essay examines whether a further reduction in inflation may be necessary and concludes that low inflation may be important for achieving remonetization of the economy and sustained output growth."
    },
    {
      "heading": "Key findings",
      "content": "- Inflation trajectory:\n  - Transition countries experienced very high inflation at the start of reforms, later reduced to more moderate levels.\n  - Current typical inflation rates in the Baltics, Russia, and other former Soviet Union countries: 10–60 percent.\n- Relationship between inflation and macro outcomes:\n  - Further reduction in inflation may be necessary.\n  - Low inflation is concluded to be potentially important for:\n    - Achieving remonetization of the economy.\n    - Sustaining output growth."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subjects:\n  - Demand for money\n  - Expenditure\n  - Inflation\n  - Monetary base\n  - Money\n  - Prices\n  - Production\n  - Production growth\n  - Public expenditure review\n- Keywords:\n  - Baltics\n  - Demand for money\n  - Eastern Europe\n  - GDP\n  - Growth\n  - Inflation\n  - inflation elasticity\n  - inflation rate\n  - inflation stabilization\n  - Monetary base\n  - monetization\n  - monetization Pr\n  - Production growth\n  - Public expenditure review\n  - rate of inflation\n  - Transition Economies\n  - transition economy\n  - WP"
    },
    {
      "heading": "Policy implications and analysis emphasis",
      "content": "- Policy implication highlighted:\n  - Reducing inflation further may be required to support remonetization and sustained output growth in transition economies.\n- Analytical emphasis:\n  - The essay explores the necessity and benefits of lower inflation within the context of post-reform transition economies, focusing on monetary variables and production/growth outcomes.\n\nIMF Working Paper: Atish R. Ghosh, \"Inflation in Transition Economies: How Much? and Why?\", July 1, 1997, Working Paper No. 1997/080.\n\n---\n\n Content in this bundle\n\n- Inflation in Transition Economies: How Much? and Why? -WP/97/80\n  - Inflation in Transition Economies: How Much? and Why? -WP/97/80 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Inflation in Transition Economies: How Much? and Why? -WP/97/80 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251/bundle-manifest.json)",
    "Authors: Atish R. Ghosh",
    "Published: July 1, 1997",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451955569.001",
    "Author: Atish R. Ghosh",
    "Publication date: July 1, 1997",
    "Series: Working Paper No. 1997/080",
    "Issue: 080",
    "Volume: 1997",
    "Pages: 28",
    "DOI: https://doi.org/10.5089/9781451955569.001",
    "ISSN: 1018-5941",
    "ISBN: 9781451955569",
    "Stock No: WPIEA0801997",
    "Core summary:",
    "Inflation trajectory:",
    "Relationship between inflation and macro outcomes:",
    "Subjects:",
    "Keywords:",
    "Policy implication highlighted:",
    "Analytical emphasis:",
    "**Inflation in Transition Economies: How Much? and Why? -WP/97/80**"
  ],
  "related": [
    {
      "title": "Inflation in Transition Economies: How Much? and Why? -WP/97/80",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/_wp9780.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/_wp9780.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/_wp9780.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251/index.md",
    "json": "/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/30/inflation-in-transition-economies-how-much-and-why-2251/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-17T06:42:46.324Z"
}