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Inflation and the costs of stabilization : country experiences, conceptual issues, and policy lessons

  • Solimano, Andres
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    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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    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2000/08/23/000009265_3960928010757/Rendered/PDF/multi_page.pdf
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    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 226.

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    Date of creation: 31 Jul 1989
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    Handle: RePEc:wbk:wbrwps:226
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    1. Rudiger Dornbusch & Stanley Fischer, 1986. "Stopping hyperinflations past and present," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 122(1), pages 1-47, March.
    2. Meller, Patricio & Solimano, Andres, 1987. "A simple macro model for a small open economy facing a binding external constraint (Chile)," Journal of Development Economics, Elsevier, vol. 26(1), pages 25-35, June.
    3. Eliana A. Cardoso & Rudiger Dornbusch, 1987. "Brazil's Tropical Plan," NBER Working Papers 2142, National Bureau of Economic Research, Inc.
    4. Corbo, Vittorio & de Melo, Jaime & Tybout, James, 1986. "What Went Wrong with the Recent Reforms in the Southern Cone," Economic Development and Cultural Change, University of Chicago Press, vol. 34(3), pages 607-40, April.
    5. Rudiger Dornbusch & Mario Henrique Simonsen, 1987. "Inflation Stabilization with Incomes Policy Support: A Review of the Experience in Argentina, Brazil and Israel," NBER Working Papers 2153, National Bureau of Economic Research, Inc.
    6. Kiguel, Miguel A & Liviatan, Nissan, 1988. "Inflationary Rigidities and Orthodox Stabilization Policies: Lessons from Latin America," World Bank Economic Review, World Bank Group, vol. 2(3), pages 273-98, September.
    7. Diaz-Alejandro, Carlos, 1985. "Good-bye financial repression, hello financial crash," Journal of Development Economics, Elsevier, vol. 19(1-2), pages 1-24.
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