Inflation and money demand in Albania /

Inflation and money demand developments in Albania during 1993-97 took place in the context of a dramatic transition to a market economy, marked by substantial changes in institutional structures and in the policy-making environment. During 1993-95, significant progress was made in economic stabiliz...

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Bibliographic Details
Main Author: Kalra, Sanjay (Author)
Format: Book
Language:English
Published: [Washington, D.C.] : International Monetary Fund, European I Department, ©1998
Series:IMF working paper ; WP/98/101
Subjects:
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260 |a [Washington, D.C.] :  |b International Monetary Fund, European I Department,  |c ©1998 
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520 |a Inflation and money demand developments in Albania during 1993-97 took place in the context of a dramatic transition to a market economy, marked by substantial changes in institutional structures and in the policy-making environment. During 1993-95, significant progress was made in economic stabilization: inflation was brought down from near hyperinflation levels, real output grew rapidly, and reserves were built up to a comfortable level (Table 1, Figure 1). The stabilization effort was based on tight financial policies: the budget deficit was reduced substantially and monetary management was prudent. With the economy's growing import needs financed by a large volume of remittances and generous foreign aid, Albania's floating exchange rate moved within a small band over the three-year period, a feature that continued during 1996. This stability in the policy environment and the favorable outcome may have formed the basis for a decline in inflationary expectations and stable exchange rate expectations, making for stable relationships between the price level, money, and the exchange rate 
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651 7 |a Albania  |2 fast 
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710 2 |a International Monetary Fund  |b European I Department,  |e issuing body. 
776 0 8 |i Print version:  |a Kalra, Sanjay  |t Inflation and money demand in Albania.  |d [Washington, D.C.] : International Monetary Fund, European I Department, ©1998  |w (OCoLC)39737618 
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