Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
Economicelectsofpricestability–comparativeanalysisconclusions
entireexaminedperiodalthoughinsomeyearstheinflationratetherewashigher
than100percent(e.g.in1994)
10
.
Figure10Economicgrowthdynamicsatdiferentinflationlevels:a,b-diferenttrajectoriesof
economicgrowthdynamicinthesituationofhighinflation
Source:author’sowncompilation.
Highinflationnotedinthiscountryinthe1990sgraduallypassedintomoder-
ateinflation(below10percent)inthe2000s,whichwouldalsocontradictthethe-
sisthathighinflation(throughtheinflationaryexpectationeńect)revealsaten-
dencytotransformintostillhigherinflation,andevenhyperinflation
11
.Neither
isthelatterthesisconfirmedbyobservationsofpricedynamicsinothercountries
whichwentthroughaphaseofthree-orevenfour-digitinflation(Russia,Brazilat
thebeginningofthe1990s)
12
.Itturnsoutthatamodernstatestillhassufciently
stronginstrumentstodampeninflationprocessesquicklyiftheyhavegrownon
10
See:IMF
.EconStats.TM.GlobalEcondata,WorldEconomicOutlook,www.econstats.com(access:
22.03.2015).
11
See:M.Friedman.NobelLecture:InflationandUnemployment.JournalofPoliticalEconomy,
No.3l1977,pp.465,468and470.
12
See:IMF
.EconStats.TM.Global…,op.cit.
19
