This paper examines the behavior of consumer prices during the transition from plan to market in the countries of Central and Eastern Europe and the former Soviet Union from 1990 to 1996. It focuses on the influence of two key explanatory variables: economic liberalization and monetary growth, both across countries of the region and over time. This topic has been a controversial one. During the early stages of the transition in Eastern Europe and the former Soviet Union many who opposed reforms, and some who favored a gradual approach to reform, objected to rapid decontrol of prices on the grounds that it would be disruptive and would trigger an inflationary process. Critics of price liberalization were particularly vocal following the freeing of most prices in Russia by the government of Egor Gaidar in January 1992. The issue also has been a controversial one in the current debate about future reform in Cuba. 1
Bibliography
Includes bibliographical references (pages 23-24)
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