Ceny a dezinflacja w krajach o rozwiniętych gospodarkach rynkowych
Prices and Disinflation in Countries of Developed Market Economies
Autorka przedstawiła ewolucję poglądów oraz stosowane instrumenty ekonomiczne przyczyniające się do dezinflacji, a także doświadczenia krajów rozwiniętych w przezwyciężaniu inflacji.
The paper describes an evolution of opinions and applied economic instruments which may contribute to disinflation; it also presents experience of economically developed countries in fighting inflation. The analysis of data concerning price indices, nominal and real remunerations, unemployment rates and real unit labour costs during 1980-1992 in the EC countries, the USA and Japan indicates that the inflation reached the lowest level in 1987. The achieved results of price and remuneration stabilization began to deteriorate in mid-1988. Nominal unit labour costs reached their lowest growth index in 1988 and were 3.4 procent The average nominal remuneration per person began to grow since 1988 and in 1990 reached 7.6 procent In 1990 the real remuneration increased to l. 1 procent as compared with 1989. The price increase rate decreased from 4 procent in 1988 to l.3 procent in 1991; the industrial production index, however, decreased respectively from 4.3 procent to 0.3 procent In 1982-1990 an increase of real unit cost can be noted. From 1980 to 1988 there was a decrease in price and remuneration increase rate. The EC countries profited from an improvement of "terms of trade" and acquired a substantial acceleration of economic growth rate. In 1989-1990 the price and remuneration increase was ascribed to depreciation of currencies in the EC countries which resulted from an increase in import prices and a considerable fiscal impulse. In the early 1990s, after a transient price increase in 1990, there was a decrease in the price index to the rate of 5 procent It results from estimates that in the next years there will be a further decrease in the price increase rate in the EC countries. The economic instruments applied in the analyzed countries contributed to bringing the inflation down to a low level. It was common for all those countries not only decreasing of the inflation rate level, but also initiation of remuneration adjustments and creation of such conditions that might stimulate enterprise.(original abstract)