IDEAS home Printed from https://ideas.repec.org/p/bdr/borrec/102.html
   My bibliography  Save this paper

Evidencia sobre las Desinflaciones: Experiencia Internacional

Author

Listed:
  • Carlos Humberto Cardona
  • Adriana Pontón
  • Eduardo Sarmiento

Abstract

En el presente artículo se analizan las políticas desinflacionarias utilizadas para lograr el paso de inflación moderada a inflación de un dígito en nueve países cuya estructura es semejante a la colombiana y cuyo éxito desinflacionario ha sido sostenible. Estos son: Chile, Bolivia, Grecia, España, Portugal, Irlanda, Israel, Nueva Zelandia e Islandia. Además, para cada uno se utilizan dos criterios de análisis: Se identifica un episodio desinflacionario (según metodología de Ball) y se selecciona un año de quiebre en la inflación (según definición de los autores); así, se evalúa el comportamiento de políticas económicas durante el episodio desinflacionario, y antes y después del quiebre. Las políticas evaluadas son: control monetario, contracción de los salarios reales, disminución del déficit fiscal y revaluación del tipo de cambio. También se mide el costo de desinflar en términos del crecimiento del producto. Así mismo, se rozan aspectos de desarrollo institucional importantes en el logro de inflaciones bajas. Se compara el caso colombiano con respecto a estas políticas y se trata de responder porqué Colombia no ha logrado un dígito.

Suggested Citation

  • Carlos Humberto Cardona & Adriana Pontón & Eduardo Sarmiento, 1998. "Evidencia sobre las Desinflaciones: Experiencia Internacional," Borradores de Economia 102, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:102
    as

    Download full text from publisher

    File URL: http://www.banrep.gov.co/docum/ftp/borra102.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Laurence Ball, 1991. "The genesis of inflation and the costs of disinflation," Proceedings, Federal Reserve Bank of Cleveland, pages 439-461.
    2. Backus, David & Driffill, John, 1985. "Inflation and Reputation," American Economic Review, American Economic Association, vol. 75(3), pages 530-538, June.
    3. Thomas F. Cooley & Gary D. Hansen, 1991. "The welfare costs of moderate inflations," Proceedings, Federal Reserve Bank of Cleveland, pages 483-518.
    4. Sebastian Edwards, 1993. "Exchange Rates, Inflation and Disinflation: Latin American Experiences," NBER Working Papers 4320, National Bureau of Economic Research, Inc.
    5. Adolfo Meisel R., 1996. "Why No Hyperinflation In Colombia? On The Determinants Of Stable Economic Policies," BORRADORES DE ECONOMIA 003780, BANCO DE LA REPÚBLICA.
    6. Rodrigo Suescún M., 1992. "Inflación y devaluación como un fenómeno fiscal: la financiación óptima del gobierno a través de la tributación, el señoreaje y las utilidades por compraventa de divisas," Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 11(22), pages 7-50, Diciembre.
    7. Carlos A. Végh, 1992. "Stopping High Inflation: An Analytical Overview," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 626-695, September.
    8. Jeffrey C. Fuhrer, 1995. "The persistence of inflation and the cost of disinflation," New England Economic Review, Federal Reserve Bank of Boston, issue Jan, pages 3-16.
    9. Laurence Ball & N. Gregory Mankiw & David Romer, 1988. "The New Keynsesian Economics and the Output-Inflation Trade-off," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 1-82.
    10. Mervyn A. King, 1996. "How should central banks reduce inflation? conceptual issues," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 53-91.
    11. Olivier J. Blanchard, 1982. "Price Asynchronization and Price Level Inertia," NBER Working Papers 0900, National Bureau of Economic Research, Inc.
    12. Calvo, Guillermo & Vegh, Carlos, 1991. "Exchange rate stabilization under imperfect credibility," MPRA Paper 20486, University Library of Munich, Germany.
    13. S. Eijffinger & M. Van Keulen, 1995. "Central bank independence in another eleven countries," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(192), pages 39-81.
    14. F. Giavazzi & L. Spaventa, 1989. "Italy: The Real Effects of Inflation and Disinflation," Working Papers 71, Dipartimento Scienze Economiche, Universita' di Bologna.
    15. José Darío Uribe, 1994. "Inflación Inercial , Tasa De Cambio Y Anclas," BORRADORES DE ECONOMIA 002849, BANCO DE LA REPÚBLICA.
    16. Razin, Assaf & Sadka, Efraim, 1996. "Disinflation and Taxation: The Case of Israel," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 1(1), pages 37-46, January.
    17. Gregory D. Hess & Charles S. Morris, 1996. "The long-run costs of moderate inflation," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 71-88.
    18. Ball, Laurence, 1995. "Disinflation with imperfect credibility," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 5-23, February.
    19. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
    20. Donald T. Brash, 1996. "Reducing inflation in New Zealand: some practical issues," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 123-138.
    21. Jorge Roldos, 1994. "Supply-Side Effects of Disinflation Programs," IMF Working Papers 94/84, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bdr:borrec:102. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Clorith Angélica Bahos Olivera). General contact details of provider: http://edirc.repec.org/data/brcgvco.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.