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From the Debt Crisis toward Economic Stability


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  • Liliana Rojas-Suárez


This paper uses a simple framework based on the government budget constraint to analyze the consistency of macroeconomic policies undertaken in Mexico during the period 1978 to mid-1991. It was found that the interaction between the actual implementation of economic policies and economic agents’ perceptions about the sustain-ability of those policies can account, to a large extent, for the behavior of key macroeconomic variables during the period under study. The paper also highlights the costs of adjustment involved in the most recent Mexican stabilization program arising from concerns about the sustainability of the announced policies.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 92/17.

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Length: 44
Date of creation: 01 Mar 1992
Date of revision:
Handle: RePEc:imf:imfwpa:92/17

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Postal: International Monetary Fund, Washington, DC USA
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Keywords: Budget deficits; inflation; inflation rate; real interest rates; inflationary tax; inflation rates; rate of inflation; central bank; real interest rate; monetary policy; real money; inflationary pressures; monetary policies; price stability; reduction of inflation; inflationary expectations; steady-state inflation; rates of inflation; monetary expansion; inflation tax rate; inflation tax; monetary fund; money market; money balances; actual inflation; nominal interest rate; wage-price; high inflation; relative prices; monetary financing; average inflation rate; price level; average inflation; reduction in inflation; rate of growth of money; nominal interest rates; annual inflation rate; real output; real rates; inflation target; real rate of interest; real value; foreign exchange; monetary anchors; actual rate of inflation; stock market crash; monetary discipline; monetary aggregates; real variables; stock of money; annual inflation; inflation stabilization; domestic monetary policy; demand for money;


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Cited by:
  1. Roldos, Jorge E, 1997. "On gradual disinflation, the real exchange rate, and the current account," Journal of International Money and Finance, Elsevier, Elsevier, vol. 16(1), pages 37-54, February.


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