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Fighting inflation in Argentina: A brief history of ten stabilization plans

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  • Emilio Ocampo

Abstract

This paper seeks to identify what worked and what didn’t work to stop inflation in Argentina in the last seventy years. The approach is descriptive rather than theoretical and examines the relative performance of the only ten stabilization plans that, during the period 1952-2015, lasted at least 24 months. The paper also compares the performance of these plans along other dimensions, such as economic growth, unemployment and income distribution and evaluates the impact of international economic conditions. The analysis sheds light on the debates shock vs. gradualism and orthodox vs. heterodox and puts the current stabilization plan in a historical context.

Suggested Citation

  • Emilio Ocampo, 2017. "Fighting inflation in Argentina: A brief history of ten stabilization plans," CEMA Working Papers: Serie Documentos de Trabajo. 613, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:613
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    File URL: http://www.ucema.edu.ar/publicaciones/download/documentos/613.pdf
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    References listed on IDEAS

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    1. Thomas J. Sargent, 1982. "The Ends of Four Big Inflations," NBER Chapters, in: Inflation: Causes and Effects, pages 41-98, National Bureau of Economic Research, Inc.
    2. Harberger, Arnold C, 1978. "A Primer on Inflation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 10(4), pages 505-521, November.
    3. Carlos A. Végh Gramont, 1991. "Stopping High Inflation; An Analytical Overview," IMF Working Papers 91/107, International Monetary Fund.
    4. repec:cto:journl:v:3:y:1983:i:1:p:15-21 is not listed on IDEAS
    5. Rudiger Dornbusch & Juan Carlos de Pablo, 1990. "The Process of High Inflation," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 2: Country Studies—Argentina, Bolivia, Brazil, Mexico, pages 77-91, National Bureau of Economic Research, Inc.
    6. Kiguel, Miguel A & Liviatan, Nissan, 1992. "When Do Heterodox Stabilization Programs Work? Lessons from Experience," World Bank Research Observer, World Bank Group, vol. 7(1), pages 35-57, January.
    7. Emilio Ocampo, 2015. "Commodity Price Booms and Populist Cycles. An Explanation of Argentina’s Decline in the 20th Century," CEMA Working Papers: Serie Documentos de Trabajo. 562, Universidad del CEMA.
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    More about this item

    Keywords

    Argentina; economic policy; inflation; stabilization plans; shock; gradualism; orthodoxy; heterodoxy.;

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