Abstract

http://ssrn.com/abstract=1805821
 
 

References (34)



 
 

Citations (3)



 


 



The Yugoslav Hyperinflation of 1992-1994: Causes, Dynamics, and Money Supply Process


Pavle Petrovic


University of Belgrade

Zeljko Bogetic


World Bank

Zorica L. Mladenovic


University of Belgrade

December 23, 1998

Journal of Comparative Economics, Vol. 27, p. 335, 1999

Abstract:     
The paper demonstrates that the Yugoslav hyperinflation, the second highest and the second longest episode in economic history, was driven by excessive money supply that monetized various deficits that emerged upon the disintegration of the country. The identified cointegrating relations showed that money growth was weakly exogenous and affected inflation via currency depreciation. This indicates the presence of exchangerate-based pricing, whereas the exogeneity of money implies that money was the common stochastic trend fueling currency depreciation and inflation. Money growth itself followed a random walk with a drift, which, together with its exogeneity, was a result of the Central Bank’s loss of control over the money supply process.

Number of Pages in PDF File: 19

Keywords: Hyperinflation, Yugoslav inflation, inflation stabilization, Yugoslavia, Serbia and Montenegro

JEL Classification: E31,E51,P27

Accepted Paper Series


Download This Paper

Date posted: April 10, 2011 ; Last revised: July 31, 2013

Suggested Citation

Petrovic, Pavle and Bogetic, Zeljko and Mladenovic, Zorica L., The Yugoslav Hyperinflation of 1992-1994: Causes, Dynamics, and Money Supply Process (December 23, 1998). Journal of Comparative Economics, Vol. 27, p. 335, 1999. Available at SSRN: http://ssrn.com/abstract=1805821

Contact Information

Pavle Petrovic (Contact Author)
University of Belgrade ( email )
Kamenicka 6
Faculty of Economics and CES Mecon
11000 Belgrade
Yugoslavia
Zeljko Bogetic
World Bank ( email )
1818 H Street, N.W.
Washington, DC 20433
United States
Zorica L. Mladenovic
University of Belgrade ( email )
Studentski trg 1
Belgrade, 11000
Serbia
Feedback to SSRN


Paper statistics
Abstract Views: 1,267
Downloads: 185
Download Rank: 94,190
References:  34
Citations:  3

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo4 in 0.281 seconds