Inflation Its Factors, Its Mechanism, and a Strategy to Overcome It
The Russian economy was one of the world leaders in the rate of rising prices in 1992-95. Inflation acquired a chronic, self-reproducing character. While the strictest measures were taken to overcome it, as a rule they did not produce the desired results. Thus, the economy reacted to increased monetary restrictions with an increased decline in production and with only a slight decrease in the rate of inflation (in comparison with the severity of the impact). The relaxation of these restrictions was accompanied by an accelerated rise in prices coupled with a stagnation of production activity. Spontaneous maneuvering among the threat of inflation, the slump in production, and the rise of unemployment provoked the first, the second, and the third. Only the rejection of the one-sided use of monetary methods of combating the rise of prices (at the end of 1995) weakened the connection between the lowering of inflation and the slump in production, which made it possible to attain a certain measure of success.
Year of publication: |
1996
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Authors: | Belousov, R. ; Belousov, A. ; Belousov, D. |
Published in: |
Problems of Economic Transition. - M.E. Sharpe, Inc., ISSN 1061-1991. - Vol. 39.1996, 6, p. 79-92
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Publisher: |
M.E. Sharpe, Inc. |
Saved in:
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