Inflation Stabilization: The Experience of Israel, Argentina, Brazil, Bolivia, and Mexico (MIT Press) (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.
Stanley Fischer became Governor of the Bank of Israel in May of 2005. He
has also served as Vice Chairman of Citigroup, Inc., First Deputy Managing Director
of the International Monetary Fund, and Killian Professor and Head of the Department
of Economics at MIT.Before his service in the IMF from 1994 to 2001, he was Killian
Professor and Head of the Department of Economics at MIT.