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Financial innovation, banking and monetary aggregates
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ISBN: 1858981263 Year: 1996 Publisher: Cheltenham Edward Elgar

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Getting pegged : comparing the 1879 and 1925 gold resumptions.
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Year: 1996 Publisher: London Centre for economic policy research

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Die makroökonomische Bedeutung des Wechselkursregimes für grosse offene Volkswirtschaften
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ISBN: 3631304390 Year: 1996 Publisher: Frankfurt am Main Lang

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Money, exchange rates, and output
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ISBN: 0262269732 0585133441 9780262269735 9780585133447 9780262032360 0262032368 0262032368 Year: 1996 Publisher: Cambridge, Mass. : MIT Press,

Macroeconomic policy and the future of capitalism: the revenge of the rentiers and the threat to prosperity
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ISBN: 1852787317 Year: 1996 Publisher: Cheltenham Elgar

Le franc CFA: pourquoi la dévaluation de 1994 a tout changé
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ISBN: 2907888404 Year: 1996 Publisher: Saint-Maur Sépia


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Disinflation in Transition Economies : The Role of Relative Price Adjustment
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ISBN: 1462365027 1455213217 Year: 1996 Publisher: Washington, D.C. : International Monetary Fund,

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In light of the persistence of moderate inflation in many transition economies, this paper analyzes whether inflation resulted from insufficiently tight financial policies and wage pressures or from the protracted adjustment of relative prices. Using a new database for 21 countries, the effect of relative price variability on inflation is estimated within a framework controlling for nominal and real shocks. Money and wage growth were the most important determinants of inflation; relative price variability had a sizable effect at high inflation during initial liberalization and a small effect at moderate inflation. Cost recovery may contribute to variability, particularly in the advanced stages of the transition.


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Multiple Exchange Rates, Fiscal Deficits and Inflation Dynamics
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ISBN: 1462304613 1455202053 Year: 1996 Publisher: Washington, D.C. : International Monetary Fund,

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The paper explores the inflationary implications of exchange rate regime reforms in a small open economy model combining the public finance view of inflation with multiple exchange markets. To account for the experience of many developing countries, the analysis focuses on transitions to multiple official exchange markets. In those countries, multiple exchange rates were often announced as temporary. The paper shows that the dynamic response of inflation to the reform markedly differ whether the announcement is credible or not. The paper also compares the response of inflation under a fixed crawl of nominal official rates and under the presence of policy rules aimed at reducing the spread between the official and parallel exchange rates.


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China : Recent Economic Developments.
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ISBN: 1462349471 1452758654 1280981709 9786613753311 1463984197 Year: 1996 Publisher: Washington, D.C. : International Monetary Fund,

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This paper reviews macroeconomic developments in China in 1994 and 1995, in particular the progress achieved during these years in “cooling” the economy following the intense overheating that originated in an investment boom in 1992. During 1994, efforts were intensified to achieve macroeconomic stability, with some initial headway being made in slowing the pace of economic activity. In 1995, demand and output further moderated toward more sustainable rates, with inflation declining steadily from the record high levels of 1994 to single-digit levels by end-1995.

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