Inflation and the Costs of Stabilization: Historical and Recent Experiences and Policy Lessons
AbstractThis article reviews various experiences with stabilization. It first examines stabilization programs in the context of hyperinflation--looking at the experiences of Austria and Germany in the early 1920s and Bolivia in 1985--and then reviews and interprets the results of orthodox stabilization plans (applied in Argentina, Chile, and Uruguay during the mid-1970s and early 1980s) and those of heterodox programs (the austral plan in Argentina and the cruzado plan in Brazil, with a glance at the Mexican and Israeli experiences). The paper concludes with a discussion of conceptual issues and implications for the design of stabilization policies. Copyright 1990 by Oxford University Press.
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Bibliographic InfoArticle provided by World Bank Group in its journal World Bank Research Observer.
Volume (Year): 5 (1990)
Issue (Month): 2 (July)
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- Buffie, Edward F., 1998. "Public sector price increases, credibility and welfare," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 127-151, February.
- Corbo, Vittorio & Fischer, Stanley, 1991. "Adjustment programs and Bank support : rationale and main results," Policy Research Working Paper Series 582, The World Bank.
- Corbo, Vittorio, 1991. "Report on adjustment lending II : lessons forEastern Europe," Policy Research Working Paper Series 693, The World Bank.
- Vittorio Corbo & Stanley Fischer, . "Structural Adjustment, Stabilization and Policy Reform: Domestic and International Finance," Documentos de Trabajo 170, Instituto de Economia. Pontificia Universidad Católica de Chile..
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