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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...

Exchange-Rate-Based Stabilization

Exchange-Rate-Based Stabilization »

Source: Exchange-Rate-Based Stabilization : A Critical Look at the Stylized Facts

Volume/Issue: 1999/132

Series: IMF Working Papers

Author(s): A. Hamann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

ISBN: 9781451855364

Keywords: inflation stabilization, exchange-rate-based stabilization, stabilization, high inflation, inflation rate

Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studi...

Credit and Exchange Rate-Based Stabilization

Credit and Exchange Rate-Based Stabilization »

Source: Credit and Exchange Rate-Based Stabilization

Volume/Issue: 1996/51

Series: IMF Working Papers

Author(s): May Khamis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

ISBN: 9781451847062

Keywords: inflation stabilization, inflation rate, annual inflation, monetary fund

This paper examines the behavior of private sector credit in chronic inflation countries that undergo exchange rate-based inflation stabilizations. It concludes that these programs are characterized by a strong inc...

The Role of Fiscal Policy in Sustainable Stabilization

The Role of Fiscal Policy in Sustainable Stabilization »

Source: The Role of Fiscal Policy in Sustainable Stabilization : Evidence From Latin America

Volume/Issue: 1997/94

Series: IMF Working Papers

Author(s): Gerd Schwartz , and Teresa Ter-Minassian

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1997

ISBN: 9781451950786

Keywords: Stabilization, Latin America, inflation, fiscal adjustment, tax revenue, inflation tax

This paper reviews the role of fiscal policy in a number of stabilization programs in Latin America since the early 1980s. The paper highlights the importance of sustainable fiscal adjustment in stabilization effor...

Trade Reform and Inflation Stabilization

Trade Reform and Inflation Stabilization »

Source: Trade Reform and Inflation Stabilization

Volume/Issue: 1994/130

Series: IMF Working Papers

Author(s): Manmohan Kumar , and Vivek Arora

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1994

ISBN: 9781451933819

Keywords: exchange rate, real exchange rate, trade reform, inflation stabilization

This paper examines two important issues for a small high-inflation open economy with trade controls where the government implements an exchange-rate based stabilization program: first, the extent to which the degr...

Monetary and Exchange Rate Dynamics During Disinflation

Monetary and Exchange Rate Dynamics During Disinflation »

Source: Monetary and Exchange Rate Dynamics During Disinflation : An Empirical Analysis

Volume/Issue: 2005/33

Series: IMF Working Papers

Author(s): Lei Zhang , A. Hamann , and Andres Arias Leiva

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2005

ISBN: 9781451860528

Keywords: Inflation stabilization, nominal anchor, exchange rate-based stabilization, stabilization, exchange rate, exchange rate anchor, exchange rate volatility, foreign exchange, Open Economy Macroeconomics,

Based on the observed behavior of monetary aggregates and exchange rates, we classify inflation-stabilization episodes into two categories: de facto exchange rate-based stabilizations (ERBS) and non-ERBS. Unlike th...

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 »

Volume/Issue: 2002/228

Series: IMF Working Papers

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

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2002

DOI: http://dx.doi.org/10.5089/9781451875454.001

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...

Money-Based Versus Exchange-Rate-Based Stabilization

Money-Based Versus Exchange-Rate-Based Stabilization »

Source: Money-Based Versus Exchange-Rate-Based Stabilization : Is There Space for Political Opportunism?

Volume/Issue: 2004/94

Series: IMF Working Papers

Author(s): Ari Aisen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2004

ISBN: 9781451851755

Keywords: Inflation Stabilization, Nominal Anchors, Political Opportunism, Elections, inflation, election, chronic inflation, Methodology for Collecting, Estimating, and Organizing Macroeconomic Data

In response to high and chronic inflation, countries have adopted different stabilization policies. However, the extent to which these stabilization programs were designed for political motives is not clear. Since...

Exchange-Rate-Based Stabilization
			: A Critical Look at the Stylized Facts

Exchange-Rate-Based Stabilization : A Critical Look at the Stylized Facts »

Volume/Issue: 1999/132

Series: IMF Working Papers

Author(s): A. Hamann

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

DOI: http://dx.doi.org/10.5089/9781451855364.001

ISBN: 9781451855364

Keywords: inflation stabilization, exchange-rate-based stabilization, stabilization, high inflation, inflation rate

Do exchange-rate-based stabilizations generate distinctive economic dynamics? To address this question, this paper identifies stabilization episodes using criteria that differ from those in previous empirical studi...

Credit and Exchange Rate-Based Stabilization

Credit and Exchange Rate-Based Stabilization »

Volume/Issue: 1996/51

Series: IMF Working Papers

Author(s): May Khamis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 May 1996

DOI: http://dx.doi.org/10.5089/9781451847062.001

ISBN: 9781451847062

Keywords: inflation stabilization, inflation rate, annual inflation, monetary fund

This paper examines the behavior of private sector credit in chronic inflation countries that undergo exchange rate-based inflation stabilizations. It concludes that these programs are characterized by a strong inc...