Inflation and the costs of stabilization : country experiences, conceptual issues, and policy lessons
The macroeconomic effects and the actual costs of different anti-inflationary programs is a subject of great importance for the design of stabilization policies. This paper reviews several historical anti-inflationary programs and some of the recent past. The purpose of the paper is to help understand current difficulties with stabilization, especially in Latin America. The emphasis of each experience reviewed is on the cost of stabilization and the role played by fiscal reform, the availability of foreign resources, the stabilization of the exchange rate and the distributive conflict, relating to the success or failure of the particular anti-inflationary program studied. In addition special attention is given to the existing controversies on the causes and cures of inflation in the literature on stabilization.
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