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From the Debt Crisis toward Economic Stability: An Analysis of the Consistency of Macroeconomic Policies in Mexico
Author:
Ms. Liliana Rojas-Suárez null

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Series:
IMF Working Papers
Volume/Issue:
Volume 1992: Issue 017
Language:
English
Publication Date:
01 Mar 1992
DOI:
https://doi.org/10.5089/9781451843453.001
ISBN:
9781451843453
ISSN:
1018-5941
Pages:
44
Keywords:
WP; rate of inflation; economic activity; U.S. dollar; Mexican peso; end-of-year inflation rate; rate of exchange; rate depreciation; Government debt management; Inflation; Real interest rates; Capital outflows; Exchange rates
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper uses a simple framework based on the government budget constraint to analyze the consistency of macroeconomic policies undertaken in Mexico during the period 1978 to mid-1991. It was found that the interaction between the actual implementation of economic policies and economic agents’ perceptions about the sustain-ability of those policies can account, to a large extent, for the behavior of key macroeconomic variables during the period under study. The paper also highlights the costs of adjustment involved in the most recent Mexican stabilization program arising from concerns about the sustainability of the announced policies.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund