Exchange Rate and the Price Level in Socialist Economies

The paper examines how the evolution from a classical centrally planned economy to a more market-oriented system will enhance the linkage between the exchange rate and the domestic price level. However, during the transition--as the economy continues to be predominantly state-owned, the inherited production structure is only gradually modified, capital and labor mobility are still relatively low and financial discipline is less-than-complete--the elasticity of the domestic price level with respect to a change in the exchange rate, or, to a change in world market prices, may still be lower than in an otherwise comparable market economy.
Publication date: May 1990
ISBN: 9781451971040
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Economics- Macroeconomics , Economics / General , International - Economics , exchange rate , foreign trade , domestic price , exchange rate policy , domestic prices

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