| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP549
|
| DP549 Foreign Exchange, Prices and Economic Activity in Bulgaria |
| Gordon Hughes
|
| 发表日期 | 1991-05-30
|
| 出版年 | 1991
|
| 语种 | 英语
|
| 摘要 | Bulgaria, like other socialist economies in transition, is attempting to implement an ambitious programme which combines a price reform to reduce price distortions and to liberalize pricing mechanisms, with macroeconomic stabilization to reduce the budget deficit and lower the underlying rate of inflation. The paper develops an input-output model to investigate the relationship between the exchange rate and the domestic price level. It shows that the success of the reform programme is closely linked to the path followed by the exchange rate. The government's stated policy is that it will not attempt to control the level of the exchange rate. The simulations suggest, however, that the government should use the exchange rate as the real anchor for the reform programme that is, by targeting a level for the real exchange rate rather than the nominal exchange rate. Under such a policy it will be able to implement the necessary adjustments to controlled prices for food and energy without re-initiating the inflationary spiral that began in 1990. |
| 主题 | International Macroeconomics
|
| 关键词 | exchange rate
inflation
Input-output
Stabilization policy
|
| URL | https://cepr.org/publications/dp549
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529705
|
推荐引用方式
GB/T 7714 |
Gordon Hughes. DP549 Foreign Exchange, Prices and Economic Activity in Bulgaria. 1991.
|
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