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Pricestabilityandeconomicgrowth.Forachangeinthedoctrinalfoundationsofmonetarypolicy
biggestrisingeconomies,areparticularlyworthwhileinthisgroup,asinthelast
25yearstheyachievedunprecedentedsuccessinthefieldofeconomicgrowth.In
Chinathelong-termgrowthratereachedthevalueof10percentannuallywith
averageinflationratesoscillatingaround3percent.Ontheotherhand,inIndia
theaverageeconomicgrowthratewaswithin5-8.5%limitswithaverageinflation
ratesoccasionallyexceeding10percent.Koreaneconomyrevealedagrowthrate
whichwashalfasbigasthatinChinabutatthesametimenotedinflationindica-
torshigherby1-2percentpoints.However,averageinflationinKorea,asarule,
didnotexceed3-4percentannually.Amorediversifiedpictureofchangesinthe
examinedmacroeconomicvalueswasinIndonesiawherestrongerfluctuations
oftheaveragegrowthrateappearedaccompaniedalsobystrongerfluctuations
ofinflationwhichintheyears1996-2000assumedfairlyhigh,two-digitvalues
(17.8%);however,insubsequentsub-periods,inflationgraduallyebbedaway
withoutanegativeeńectoneconomicgrowth.Inallcountriesnotingmoderate
inflation,highinvestmentrates,ofenexceeding30-35%ofGDP
,werealsonoted;
inChinatheywereevenreaching50%ofGDPvalue.
Tecountriesofthethirdgroupsometimesnotingslightlyhigherandsome-
timesveryhighinflationindicators,werealsocharacterisedbygreaterchange-
abilityofpricedynamics.However,inallthesecountriesconstantweakeningof
inflationimpulsescouldbeobservedwhichcausedthatinrecent5-yearperiods
theaverageinflationindicatorstherestartedtoapproachtheindicesnotedin
countriesofmoderateinflation.Itisinterestingthatgradualinflationreduction
inthesecountries(likeinthecaseofIndonesia)didnotentailsignificantchanges
ineconomicgrowthdynamics.Tesecountriesdevelopedatasimilarrateover
theentireexaminedperiodof25years,yet,clearlymoreslowlythanthecountries
ofmoderateinflation.
Figure1illustratesthecharacterofinterrelationbetweeninflationandeco-
nomicgrowthasimpliedbypreliminaryresearch.Itseemsthatverylowinflation
passingintodeflationismoredangerousforeconomicgrowththanhighinflation
of10percent
9
oreveninflationreaching100percentperannum.Ontheone
hand,confirmationofthishypothesis,ontheonehand,canbeseenwhilerefer-
ringtoJapaneseeconomy(overtheentireexaminedperiod)andFrencheconomy
(especiallyintheyears2001-2015)and,ontheotherhand,referringtoeconomies
ofTurkeyandMexico.Turkeymanagedtomaintainafastgrowthrateoverthe
9
See:J.Kirshner.mePoliticalEconomyofLowInfation.JournalofEconomicSurveys,No.1l2001
(Vol.15),pp.47-50.
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