Papers by fabrizio coricelli
Social Science Research Network, 2002
PSE-Ecole d'économie de Paris (Postprint), 2010
This article analyzes the determinants of open inflation in transitional socialist economies, wit... more This article analyzes the determinants of open inflation in transitional socialist economies, with reference to recent experience in Hungary and Poland. A simple inflation model is centered on the transmission process and on the short-run dynamics of inflation. Further incorporating a number of features specific to socialist economies and working with quarterly data, dynamic price, and wage equations are estimated. The estimated equations allow satisfactory exploration of the role and weight of foreign prices and domestic factors in propagating inflation. Foreign prices matter, but developments on the cost side are critical in relating exogenous, policy-driven adjustments to the price level to increases in the rate of inflation. The absence of conventional market-based, equilibrating mechanisms requires that nominal anchors, particularly wage restraints, feature prominently in any stabilization program adopted by reforming socialist economies. Copyright 1992 by Oxford University Press.
Focus on European Economic Integration, 2006
Springer eBooks, Aug 22, 2007
The stability of the Czech crown during the period 1991 to 1997 (during 1991 to 1993 the crown of... more The stability of the Czech crown during the period 1991 to 1997 (during 1991 to 1993 the crown of the former Czechoslovakia) was considered an example of success in maintaining macroeconomic stability in a period of radical economic changes. The budget deficit was under control throughout the transition, monetary policy was always prudent, inflation was among the lowest in transition
Edward Elgar Publishing eBooks, Nov 28, 2006
Springer eBooks, 2002
Central and East European countries (CEECs) in the process of accession to the European Union (EU... more Central and East European countries (CEECs) in the process of accession to the European Union (EU) face fundamental challenges to the conduct of macroeconomic policies. These countries are characterized by growth rates faster than those of EU countries and attendant large current account deficits. Fast productivity growth in the tradable sectors implies an equilibrium appreciation of the real exchange rate. Large current account deficits imply accumulation of foreign debt. Debt in these countries is already skewed toward foreign rather than toward domestic debt. Furthermore, in some cases, such as Poland, there is a large stock of foreign currency deposits. These factors expose countries to the adverse effects of exchange rate swings. The experience of emerging markets indicates that exchange rate flexibility ends up as being a straitjacket rather than a vehicle for more freedom in domestic policies or as a shock absorber. Exchange rate flexibility in a world of free capital movements tends to be associated with high interest rate spreads, high real interest rates, and vulnerability of the domestic economy and the financial sector to external shocks.
The World Bank Economic Review, 1992
This article analyzes the determinants of open inflation in transitional socialist economies, wit... more This article analyzes the determinants of open inflation in transitional socialist economies, with reference to recent experience in Hungary and Poland. A simple inflation model is centered on the transmission process and on the short-run dynamics of inflation. Further incorporating a number of features specific to socialist economies and working with quarterly data, dynamic price, and wage equations are estimated. The estimated equations allow satisfactory exploration of the role and weight of foreign prices and domestic factors in propagating inflation. Foreign prices matter, but developments on the cost side are critical in relating exogenous, policy-driven adjustments to the price level to increases in the rate of inflation. The absence of conventional market-based, equilibrating mechanisms requires that nominal anchors, particularly wage restraints, feature prominently in any stabilization program adopted by reforming socialist economies. Copyright 1992 by Oxford University Press.
Journal of Comparative Economics, Dec 1, 2001
Social Science Research Network, 2022
Deep Blue (University of Michigan), Sep 1, 2008
Economics of Transition, 1993
... deal with bad loans. Swapping all state enterprise loans - good and bad - for Treasury bills ... more ... deal with bad loans. Swapping all state enterprise loans - good and bad - for Treasury bills is likely to have serious fiscal implications in the short run (see Begg and Portes, 1992; Levine and Scott 1992). In present value terms ...
Empirica, Feb 1, 1994
ABSTRACT
Social Science Research Network, 2006
The MIT Press eBooks, 2004
Social Science Research Network, 2000
Social Science Research Network, 2014
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Papers by fabrizio coricelli