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High real interest rates in the aftermath of disinflation: is it a lack of credibility?

  • Kaminsky, Graciela L.
  • Leiderman, Leonardo

This paper explores the empirical relevance of arguments based on lack of credibility for explaining high ex post real interest rates afetr stabilization programs were implemented in Argentina, Israel, and Mexico in the mid-1980s.

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File URL: http://www.sciencedirect.com/science/article/B6VBV-3SXF5KX-9/2/a128c6f51547d6b297eeef3c741ce735
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Article provided by Elsevier in its journal Journal of Development Economics.

Volume (Year): 55 (1998)
Issue (Month): 1 (February)
Pages: 191-214

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Handle: RePEc:eee:deveco:v:55:y:1998:i:1:p:191-214
Contact details of provider: Web page: http://www.elsevier.com/locate/devec

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  1. Cukierman, Alex & Liviatan, Nissan, 1992. "The Dynamics of Optimal Gradual Stabilizations," World Bank Economic Review, World Bank Group, vol. 6(3), pages 439-58, September.
  2. Rebelo, S. & Vegh, C.A., 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," RCER Working Papers 405, University of Rochester - Center for Economic Research (RCER).
  3. Hoe E. Khor & Liliana Rojas-Suarez, 1991. "Interest Rates in Mexico: The Role of Exchange Rate Expectations and International Creditworthiness," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 850-871, December.
  4. Hamilton, James D., 1988. "Rational-expectations econometric analysis of changes in regime : An investigation of the term structure of interest rates," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 385-423.
  5. Leiderman, Leonardo, 1993. "Inflation and Disinflation," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226471105.
  6. Rudiger Dornbusch & Juan Carlos de Pablo, 1989. "Debt and Macroeconomic Instability in Argentina," NBER Chapters, in: Developing Country Debt and the World Economy, pages 37-56 National Bureau of Economic Research, Inc.
  7. Rudiger Dornbusch & Stanley Fischer, 1986. "Stopping Hyperinflations Past and Present," NBER Working Papers 1810, National Bureau of Economic Research, Inc.
  8. Calvo, Guillermo A. & Kaminsky, Graciela L., 1991. "Debt relief and debt rescheduling : The optimal-contract approach," Journal of Development Economics, Elsevier, vol. 36(1), pages 5-36, July.
  9. Ruge-Murcia, Francisco J, 1995. "Credibility and Changes in Policy Regime," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 176-208, February.
  10. Calvo, Guillermo A, 1992. "Are High Interest Rates Effective for Stopping High Inflation? Some Skeptical Notes," World Bank Economic Review, World Bank Group, vol. 6(1), pages 55-69, January.
  11. Karen K. Lewis & Martin D. Evans, 1992. "Do Expected Shifts in Inflation Policy Affect Real Rates?," NBER Working Papers 4134, National Bureau of Economic Research, Inc.
  12. Carlos A. Végh, 1992. "Stopping High Inflation: An Analytical Overview," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 626-695, September.
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