Front Matter

Front Matter

Carlo Cottarelli, and Gyorgy Szapary
Published Date:
July 1998
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Moderate Inflation

The Experience of Transition Economies

Proceedings of a seminar held in Budapest, Hungary, on June 3, 7 997


Carlo Cottarelli

György Szapáry

International Monetary Fund

National Bank of Hungary

Washington D.C., 1998

© 1998 International Monetary Fund

Production: IMF Graphics Section

Cover Design: Sanaa Elaroussi

Typesetting: Joseph A. Kumar

Cataloging-in-Publication Data

Moderate inflation: the experience of transition economies / editors, Carlo Cottarelli, György Szapáry.

p. cm.

Papers presented at a seminar on moderate inflation in transition economies held in Budapest on June 3, 1997.

Includes bibliographical references.

ISBN 9781557756992

1. Inflation (Finance)—Europe, Eastern—Congresses. 2. Inflation (Finance)—Congresses. I. Cottarelli, Carlo. II. Szapáry, György. III. International Monetary Fund. IV. Magyar Nemzeti Bank.

HG930.7.M63 1998

332.4’1’0947—dc21 CIP


Price: $25.00

Address orders to:

External Relations Department, Publication Services

International Monetary Fund, Washington D.C. 20431

Telephone: (202) 623-7430; Telefax: (202) 623-7201




The following symbols have been used in this book:

  • … to indicate that data are not available;

  • —to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

  • – between years or months (e.g., 1995–96 or January-June) to indicate the years or months covered, including the beginning and ending years or months; and

  • / between years (e.g., 1996/7) to indicate a fiscal (financial) year.

“Billion” means a thousand million.

Minor discrepancies between constituent figures and totals are due to rounding.

The term “country,” as used in this volume, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


Many countries, including several transition economies, have in the last few years recorded a sharp decline in inflation, but have been unable to bring inflation down to lower single digits or to achieve price stability. In these countries, inflation has stabilized at moderate levels, with further progress becoming seemingly more difficult. What are the problems created by moderate inflation? What is the appropriate strategy to fight moderate inflation? What is the appropriate speed of disinflation? These and other issues related to disinflation in transition economies are taken up in this book.

The book collects the papers and contributions presented at a seminar entitled “Disinflation in Eastern and Central Europe,” held in Budapest on June 3, 1997, under the joint sponsorship of the International Monetary Fund, the Ministry of Finance of Hungary, and the National Bank of Hungary. The seminar benefited from the participation of officials from Croatia, the Czech Republic, Hungary, Latvia, Poland, Slovenia, the International Monetary Fund, the Bank for International Settlements, and the Organization for Economic Cooperation and Development; representatives of the Hungarian trade unions and employers’ associations; and academicians. We would like to express our gratitude and appreciation to all who contributed to the success of the seminar.

Stanley FischerGyörgy Surányi
First Deputy Managing DirectorPresident
International Monetary FundNational Bank of Hungary


Most of the papers included in this volume were presented at a conference organized by the International Monetary Fund and the National Bank of Hungary, held in Budapest on June 3, 1997. The editors are grateful to the authors of the papers and the other participants in the conference, as well as to the staff members of the International Monetary Fund and the National Bank of Hungary who helped in organizing the conference. Also to be thanked are Elisa Diehl of the IMF’s External Relations Department, who edited the final version of the papers and produced the volume, and Patricia Emerson and Indra Perera, who provided excellent secretarial assistance.

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