Albania's Economy in Transition and Turmoil 1990-97 by Anthony Clunies-Ross Petar Sudar

Author:Anthony Clunies-Ross, Petar Sudar [Anthony Clunies-Ross, Petar Sudar]
Language: eng
Format: epub
ISBN: 9781138609792
Barnesnoble:
Publisher: Taylor & Francis
Published: 2020-06-30T00:00:00+00:00

This shift in behaviour would tend to reduce the inflationary effect of a given increase in the money stock.

So the vicious circle—in which monetary contraction reduces output, which requires further monetary contraction—was replaced by a virtuous circle—in which output growth allows prices to stabilize without monetary contraction or tightness, and eventually the stabilized prices increase the demand-function for money, which further contributes to stabilizing prices.

Table 7.4 Nominal and real exchange-rates of the lek, 1992–1997

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