Hidden and Repressed Inflation in Soviet-Type Economies

Definitions, Measurements and Stabilisation

Bibliographic Data

ID11697398
AuthorsD M Nuti (European University Institute, corresponding author)
Year1986
Volume5
Issue1
Pages37-82
Publication date1986-03-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueContributions to Political Economy (JOURNAL)
Journal identifiersISSN: 0277-5921 • E-ISSN: 1464-3588
PublisherOxford University Press (OUP) (PUBLISHER)
DOI10.1093/oxfordjournals.cpe.a035704
OpenAlexW4243906726
LanguageEN
Citations received10

Official price trends in the USSR and in the Soviet-type economies have changed markedly through time but have followed a roughly uniform general pattern: hyperinflation at times of war, systemic transition and reconstruction; inflation at times of accelerated industrialisation; stabilisation through currency reform and fiscal measures, followed by modest deflation and a record of substantial price stability, recently broken by the spreading—with fewer and fewer exceptions—of renewed open inflation. This general pattern is due to fairly uniform trends in both policy stances and objective conditions: in theory central planning of both physical and financial flows should enable Soviet-type economies to achieve price stability; in practice the persistence of downward rigidity of money wages, the ambitious growth and accumulation targets, as well as adverse exogenous and systemic factors, have frequently necessitated planned or unplanned price increases

Economic history · Economics · Economy · Inflation (cosmology · Keynesian economics · Macroeconomics · Political science · Politics · Fiscal Policy and Economic Growth · Law

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