During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling policy instruments. Thus, the world has moved toward monetary frameworks in which,...

Many countries, including several transition economies, have in the last few years recorded a sharp decline in inflation, but have been unable to bring inflation down to lower single digits or to achieve price stability. In these countries, inflation has stabilized at moderate levels, with...

The latest in a series of papers published by the International Monetary Fund on economies in transition examines the experience of disinflation in Central and Eastern Europe, the Baltics, Russia, and other countries of the former Soviet Union between 1993 and 1997. The paper reviews the...