- ハードカバー: 434ページ
- 出版社: The MIT Press (1988/10/12)
- 言語: 英語
- ISBN-10: 0262022796
- ISBN-13: 978-0262022798
- 発売日： 1988/10/12
- 商品パッケージの寸法: 15.2 x 3 x 22.9 cm
- おすすめ度： この商品の最初のレビューを書き込んでください。
Inflation Stabilization: The Experience of Israel, Argentina, Brazil, Bolivia, and Mexico (英語) ハードカバー – 1988/10/12
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Rampant inflation is a major economic problem in many of the less
developed countries; two out of three attempts to stabilize these economies fail.
Inflation Stabilization provides a valuable description and a critical analysis of
the disinflation programs introduced in Argentina, Bolivia, Brazil, and Israel in
1985-86, and discusses the possibility of such a program in Mexico. It documents the
initial steps in stabilization as well as the reasons for failure.As architects of
the programs, several of the authors are in key positions to assess which aspects
were critical in getting the programs accepted and where to look for difficulties
In Israel, inflation was halted without recession.
The challenge to policy makers today is in shifting from stabilization to the
revival of sustained growth. This experience is described fully by Michael Bruno and
Sylvia Piterman, who examine the critical issue of exchange rates, and by Alex
Cukierman, who uses modeling to analyze the interaction of money, wages, prices, and
activity under rational expectations that take the government's policy objectives
into account.Endemic inflation and a sudden increase in external debt burden
Argentina's economy, raising the wider issues of high inflation economies and
stabilization that are discussed in the chapter by José Luis Machinea and that by
Guido Di Tella and Alfredo Canavese.Eduardo Modiano and Mario Simonsen take up
issues of wages in Brazil, particularly the problem of finding an equitable way to
deal with a wage freeze; Simonsen develops an ambitious game theoretic
rationalization of incomes policy as a coordinating device for imperfectly
Bolivia did reach hyperinflation (price
increases of more than 50 percent each month) before stabilizing. Juan Antonio
Morales shows how stabilizing the exchange rate, in an economy where all pricing was
already geared to the dollar, achieved stabilization without a wage or price freeze.
And Francisco Gil Diaz asks whether an incomes-policy based program could work to
control ever increasing inflation in Mexico.
Michael Bruno is Governor of the Bank of Israel and Professor of Economics at Hebrew University in Jerusalem.
Guido Di Tella is a Fellow of St. Anthony's College, a Professor at the Di Tella Institute in Buenos Aires, and a Member of Parliament in Argentina.
Rudiger Dornbusch is Professor of Economics at the Massachusetts Institute of Technology.
Stanley Fischer is former Governor of the Bank of Israel and has been nominated as Vice Chair of the Federal Reserve]. He is the author of IMF Essays from a Time of Crisis: The International Financial System, Stabilization, and Development (MIT Press).
After more than a decade of continuously escalating inflation and recurrent balance of payments crises, which since 1973 had caused the virtual stagnation of economic growth, Israel launched a comprehensive stabilization program in July 1985. 最初のページを読む
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