Fiscal deficits, monetary reform, and inflation stabilization in Romania
Nina Budina, Sweder van Wijnbergen, World Bank. Development Research Group. Macroeconomics and Growth
World Bank, Development Research Group, Macroeconomics and Growth, 2000 - Business & Economics - 33 pages
Fiscal problems are a key factor behind the inflation that has persisted in Eastern Europe since 1989. Deficits need to be cut back, but by how much for a given inflation target? A simple framework links debt, the deficit, and inflation to assess the fiscal stance of the Romanian economy.
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ADEP Anand assessing fiscal sustainability balance sheet calculating Central Bank commercial banks currency in circulation currency substitution debt accumulation debt dynamics debt to GDP delayed fiscal adjustment demand deposits domestic currency domestic debt domestic financing equation exchange rate changes exchange rate depreciation financeable deficit financial asset demands fiscal inconsistency fiscal policy foreign assets foreign currency deposits foreign debt foreign financing foreign liabilities framework GDP ratio government budget government budget deficit government deficit impact of real increase inflation tax inflationary component long-run loss account monetary base money financing nominal exchange rate nominal interest rate percent of GDP profit and loss public sector deficit public sector liabilities rate on savings real exchange rate real GDP growth real growth rate real interest rate real public sector required deficit reduction reserve requirements Romania Romanian economy savings deposits seigniorage revenue Table total public sector transition economies various financial assets Wald test Wijnbergen 1989