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Chile's experience with stabilization, revisited

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  • Corbo, Vittorio
  • Solimano, Andres

Abstract

This paper evaluates Chile's stabilization policies since the early 1970s. Four episodes are examined: (a) the high inflation at the beginning of the military regime when inflation was close to 1000 percent per year; (b) the orthodox stabilization program of 1975; (c) the exchange rate-based stabilization of February 1978-June 1982; and (d) the post-1984 adjustment period with a large real devaluation and low inflation. Finally an overall evaluation of the post-1973 experience with stabilization is provided.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 579.

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Date of creation: 31 Jan 1991
Date of revision:
Handle: RePEc:wbk:wbrwps:579

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Related research

Keywords: Economic Theory&Research; Economic Stabilization; Environmental Economics&Policies; Macroeconomic Management; Access to Markets;

References

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  1. Corbo, Vittorio, 1982. "Monetary policy with an overrestricted demand for money equation : Chile in the 60's," Journal of Development Economics, Elsevier, Elsevier, vol. 10(1), pages 119-126, February.
  2. Solimano, Andres, 1986. "Contractionary devaluation in the southern cone : The case of Chile," Journal of Development Economics, Elsevier, Elsevier, vol. 23(1), pages 135-151, September.
  3. Edward, Sebastian, 1986. "Are Devaluations Contractionary?," The Review of Economics and Statistics, MIT Press, vol. 68(3), pages 501-08, August.
  4. International Monetary Fund, 1990. "Capital Mobility in Developing Countries," IMF Working Papers 90/117, International Monetary Fund.
  5. Corbo, Vittorio & de Melo, Jaime, 1987. "Lessons from the Southern Cone Policy Reforms," World Bank Research Observer, World Bank Group, World Bank Group, vol. 2(2), pages 111-42, July.
  6. L. Wade, 1988. "Review," Public Choice, Springer, Springer, vol. 58(1), pages 99-100, July.
  7. Fischer, Stanley, 1988. "Real Balances, the Exchange Rate, and Indexation: Real Variables in Disinflation," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 103(1), pages 27-49, February.
  8. Stanley Fischer, 1984. "Real Balances, the Exchange Rate and Indexation: Real Variables in Disinflation," NBER Working Papers 1497, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Felipe Larraín, 1997. "Estabilización, Tipo de Cambio e Ingresos Fiscales: El Contexto Latinoamericano," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 34(102), pages 161-188.
  2. Pindyck, Robert S. & Solimano, Andres, 1993. "Economic instability and aggregate investment," Policy Research Working Paper Series 1148, The World Bank.
  3. Solimano, Andrés, 2007. "Employment creation, real wages and job quality : how much aggregate economic growth delivers? The case of Chile," ILO Working Papers, International Labour Organization 397932, International Labour Organization.
  4. C. Pietrobelli, 1994. "Trade liberalisation and industrial response: the case of Chile (1974-1987)," BNL Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 47(191), pages 431-468.
  5. Reinhart, Carmen & Calvo, Guillermo & Vegh, Carlos, 1994. "Targeting the real exchange rate: Theory and evidence," MPRA Paper 13412, University Library of Munich, Germany.
  6. Felipe Larraín, . "Estabilización, Tipo de Cambio Real e Ingresos Fiscales," Documentos de Trabajo, Instituto de Economia. Pontificia Universidad Católica de Chile. 173, Instituto de Economia. Pontificia Universidad Católica de Chile..
  7. Dornbusch, Rudiger & Fischer, Stanley, 1991. "Moderate inflation," Policy Research Working Paper Series 807, The World Bank.
  8. Laurence Ball, 1993. "The Dynamics of High Inflation," NBER Working Papers 4578, National Bureau of Economic Research, Inc.
  9. Patricio Rojas & Vittorio Corbo, 1992. "Crecimiento Económico de América Latina," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(87), pages 265-294.

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