Inflation dynamics in Kazakhstan 1

Abstract In January 1992, Kazakhstan initiated a reform programme to move towards market‐determined prices. The price liberalization process was characterized by large relative price shifts and an increase in the overall price level towards those observed in market economies. The paper shows how the...

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Bibliographic Details
Published inThe economics of transition Vol. 5; no. 1; pp. 195 - 213
Main Authors De Broeck, Mark, De Masi, Paula, Koen, Vincent
Format Journal Article
LanguageEnglish
Published 01.05.1997
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Summary:Abstract In January 1992, Kazakhstan initiated a reform programme to move towards market‐determined prices. The price liberalization process was characterized by large relative price shifts and an increase in the overall price level towards those observed in market economies. The paper shows how the piecemeal manner in which prices were liberalized resulted in strong relative price variability over a prolonged period of time, against a background of high inflation. Convergence towards international relative and absolute price levels has progressed but is not complete, with prices for energy and services in particular still below market economy levels.
ISSN:0967-0750
1468-0351
DOI:10.1111/j.1468-0351.1997.tb00011.x