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High Real Interest Rates in the Aftermath of Disinflation: Is It a Lack of Credibility

  • Kaminsky, G.L.
  • Leiderman, L.

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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Paper provided by Tel Aviv in its series Papers with number 8-96.

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Length: 20 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:fth:teavfo:8-96
Contact details of provider: Postal: Israel TEL-AVIV UNIVERSITY, THE FOERDER INSTITUTE FOR ECONOMIC RESEARCH, RAMAT AVIV 69 978 TEL AVIV ISRAEL.
Phone: 972-3-640-9255
Fax: 972-3-640-5815
Web page: http://econ.tau.ac.il/foerder/about
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  1. Rudiger Dornbusch & Stanley Fischer, 1986. "Stopping Hyperinflations Past and Present," NBER Working Papers 1810, National Bureau of Economic Research, Inc.
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. Carlos A. Végh, 1992. "Stopping High Inflation: An Analytical Overview," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 626-695, September.
  7. Martin D. Evans & Karen K. Lewis, 1992. "Do Expected Shifts in Inflation Policy Affect Real Rates?," Working Papers 92-22, New York University, Leonard N. Stern School of Business, Department of Economics.
  8. Leiderman, Leonardo, 1993. "Inflation and Disinflation," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226471105.
  9. 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.
  10. 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.
  11. Cukierman, A. & Liviatan, N., 1991. "The Dynamics of Optimal Gradual Stabilizations," Papers 34-91, Tel Aviv.
  12. 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.
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