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Working Paper
Hyperinflation and stabilization: Cagan revisited
In this paper Cagan's analysis of hyperinflations is adapted to look at situations where the deficits to be financed by money creation are large and variable, but fiscal stabilisation is expected--features found in some of the republics of the Former Soviet Union soon after independence. The impact of various stabilisation policies on real balances and inflation expectations is studied, assuming expectations are rational and deficits follow a geometric Brownian motion until the stabilisation takes place. For a modified form of Cagan's demand function we are able to obtain explicit solutions ...
Conference Paper
The role of central banks
Journal Article
After the fall: globalizing the remnants of the Communist bloc
Journal Article
Privatization and the transition to a market economy
The Chinese government has announced its intention to privatize thousands of state-owned enterprises. Such an effort would dwarf recent privatizations in the industrialized West and be comparable only to the Eastern European experience following the fall of the Soviet Union. As such, an examination of the Eastern European privatization may provide valuable lessons for China and any other developing economy that embarks upon a large-scale privatization program. In this article, Jason Saving considers three problems with which Eastern European privatizations have had to contend: a scarcity of ...
Journal Article
Summary of Bank's 1990 Economic Symposium