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.
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
Prices in red indicate formats that are not yet available but are forthcoming.