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Inflation and the Costs of Stabilization: Historical and Recent Experiences and Policy Lessons

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  • Solimano, Andres

Abstract

This 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.

Suggested Citation

  • Solimano, Andres, 1990. "Inflation and the Costs of Stabilization: Historical and Recent Experiences and Policy Lessons," The World Bank Research Observer, World Bank, vol. 5(2), pages 167-185, July.
    • Handle: RePEc:oup:wbrobs:v:5:y:1990:i:2:p:167-85
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    Cited by:

    1. Robert S. Pindyck & Andrés Solimano, 1993. "Economic Instability and Aggregate Investment," NBER Chapters, in: NBER Macroeconomics Annual 1993, Volume 8, pages 259-318, National Bureau of Economic Research, Inc.
    2. Buffie, Edward F., 1998. "Public sector price increases, credibility and welfare," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 127-151, February.
    3. Corbo, Vittorio, 1991. "Report on adjustment lending II : lessons forEastern Europe," Policy Research Working Paper Series 693, The World Bank.
    4. Corbo, Vittorio & Fischer, Stanley, 1995. "Structural adjustment, stabilization and policy reform: Domestic and international finance," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 44, pages 2845-2924, Elsevier.
    5. Corbo, Vittorio & Fischer, Stanley, 1991. "Adjustment programs and Bank support : rationale and main results," Policy Research Working Paper Series 582, The World Bank.
    6. Jácome Hidalgo, Luis, 1994. "De la inflación crónica a la inflación moderada en el Ecuador," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.

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