Cottarelli, Carlo; Blejer, Mario I. - In: IMF Staff Papers 39 (1992) 2, pp. 256-286
In countries like the former Soviet Union, where wealth is mainly stored in monetary assets, the behavior of the money-income ratio is a poor indicator of the growth of undesired monetary balances (monetary overhang). In those countries a monetary overhang is primarily a wealth overhang, which...