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Why Do Many Disinflations Fail? the Importance of Luck, Timing, and Political Institutions

Why Do Many Disinflations Fail? the Importance of Luck, Timing, and Political Institutions »

Source: Why Do Many Disinflations Fail? the Importance of Luck, Timing, and Political Institutions

Volume/Issue: 2002/228

Series: IMF Working Papers

Author(s): A. Hamann , and Alessandro Prati

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

ISBN: 9781451875454

Keywords: stabilization, inflation, inflation stabilization, high inflation, inflation stabilizations,

Many inflation stabilizations succeed only temporarily. Using a sample of 51 episodes of stabilization from inflation levels above 40 percent, we show that most of the failures are explained by bad luck, unfavorabl...