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Experiences with Extreme Monetary Instability

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  • Dornbusch, Rudiger

Abstract

In early 1990, Argentina, Brazil, Peru, Yugoslavia and Poland were experiencing extreme instability or, at least, the early stages of stabilization. Other countries, like Bolivia, had already run the course and stabilized or, like Mexico, had avoided the extreme experience and opted for stabilization promptly and decisively. The lessons from these case studies, and from the earlier experiences of the 1920s and 1940s, have still to be drawn. Exactly the same themes come up each time. The paper investigates the dynamics of high inflation and the essential steps in stabilization.

Suggested Citation

  • Dornbusch, Rudiger, 1990. "Experiences with Extreme Monetary Instability," CEPR Discussion Papers 455, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:455
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    References listed on IDEAS

    as
    1. Marcus Miller & Mark Salmon, 1985. "Policy Coordination and Dynamic Games," NBER Chapters,in: International Economic Policy Coordination, pages 184-227 National Bureau of Economic Research, Inc.
    2. Cohen, Daniel & Wyplosz, Charles, 1989. "The European Monetary Union: An Agnostic Evaluation," CEPR Discussion Papers 306, C.E.P.R. Discussion Papers.
    3. Jeffrey Sachs, 1983. "International Policy Coordination in a Dynamic Macroeconomic Model," NBER Working Papers 1166, National Bureau of Economic Research, Inc.
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    Keywords

    Hyperinflation; Stabilization;

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