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E-book
Author Wang, Jian-Ye

Title The Georgian hyperinflation and stabilization / prepared by Jian-Ye Wang
Published [Washington, D.C.] : International Monetary Fund, European II Dept., ©1999

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Description 1 online resource (34 pages) : illustrations
Series IMF working paper, 2227-8885 ; WP/99/65
IMF working paper ; WP/99/65.
Summary Hyperinflation burst out in several BRO economies following the breakup of the ruble zone. 2,3 The inflation in Georgia, after the introduction of its currency-the coupon-in April 1993, was one of the worst. The extent of currency substitution, the detrimental impact on public finances and the banking system, and the resulting relations among prices, exchange rate, and wages all represent an extreme in the annals of hyperinflation. A comprehensive stabilization and structural reform program was developed and implemented with the assistance of the International Monetary Fund and the World Bank beginning in mid-1994. Hyperinflation came to an end abruptly with the nominal exchange rate appreciating from over coupon 5 million to the U.S. dollar in unofficial trading to about coupon 1.3 million to the dollar in the fourth quarter of 1994, and in coupon terms, prices were actually declining during the period. Exchange rate and price stability was maintained subsequently despite the absence of the recovery of fiscal revenues notable in other disinflation cases. The new national currency-the lari-was successfully introduced one year after the halt in hyperinflation, bringing about a dramatic reversal in currency substitution. The lari actually appreciated vis-à-vis the U.S. dollar in the aftermath of the currency reform. GDP, after severe contraction in 1991-94, started growing in 1995, and increased by over 10 percent in real terms in 1996-97
Bibliography Includes bibliographical references (pages 33-34)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
English
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Inflation (Finance) -- Georgia (Republic)
Economic stabilization -- Georgia (Republic)
Money supply -- Georgia (Republic)
Depreciation -- Georgia (Republic)
Foreign exchange -- Georgia (Republic)
Monetary policy -- Georgia (Republic)
Depreciation
Economic stabilization
Foreign exchange
Inflation (Finance)
Monetary policy
Money supply
Georgia (Republic)
Form Electronic book
Author International Monetary Fund. European II Department.
ISBN 1451895240
9781451895247
1281215015
9781281215017
1462325785
9781462325788
1452775494
9781452775494
9786613777690
6613777692