As the former Eastern Bloc countries and the developing nations endeavor to modernize their economies, much macroeconomic research in the next decade will involve stabilization and reconstruction. These informative, fact-filled studies describe how measures to control inflation have been implemented in Bolivia, Chile, Argentina, Brazil, Israel, Mexico, Turkey, and Yugoslavia.In discussing which of these measures have succeeded and which ones have failed, the authors go beyond the normative approach taken in most studies of stabilization to focus on political incentives and constraints on actual policymaking. The up-to-date data they provide make this a valuable collective exploration of contemporary efforts at stabilization and structural adjustment.In the 1980s each of the countries considered suffered from crippling inflation brought on by externally generated economic shocks and by mounting debt. Various strategies to control inflation and to achieve economic stabilization have met with different levels of success.
The strategies tried in Brazil and Argentina worked only temporarily; the current policies of Israel, Mexico, and Bolivia have succeeded, although these countries' transitions to sustainable growth are not yet certain.Michael Bruno is Governor of the Bank of Israel. He and Nissan Liviatan are Professors of Economics at Hebrew University in Jerusalem. Stanley Fischer is Professor of Economics at MIT. Elhanan Helpman is Professor of Economics at Tel Aviv University. Leora Meridor is Deputy Director of the Bank of Israel's Research Department.
Nissan Liviatan is Professor of Economics at Hebrew University in Jerusalem.
Part 1 The transition from stabilization to sustained growth in Bolivia, Juan Antonio Morales: comments by Peter Bernholz; comments by Juan L. Cariaga; general discussion. Part 2 Chile's experience with stabilization revisited, Vittorio Corbo and Andres Solimano: comments by Sebastian Edwards; comments by Leonardo Leiderman; general discussion. Part 3 From sharp disinflation to hyperinflation, twice - the Argentine experience, 1985-1989, Daniel Heymann: comments by Jose Juis Machinea; comments by Simon Teitel; general discussion. Part 4 From inertia to megainflation - Brazil in the 1980s, Eliana Cardoso: comments by Persio Arida; comments by Juan Carlos de Pablo; general discussion. Part 5 The inflation-stabilization cycles in Argentina and Brazil, Miguel A. Kiguel and Nissan Liviatan: comments by Mario I. Blejer; comments by Assaf Razin; general discusion. Part 6 The costly transition from stabilization to sustainable growth - Israel's case, Michael Bruno and Leora (Rubin) Meridor: comments by Stanley Fischer; general discussion. Part 7 Mexico beyond the debt crisis - toward sustainable growth with price stability, Guillermo Ortiz: comments by Fernando Clavijo; comments by Sylvia Piterman; general discussion. Part 8 Premature liberalization, incomplete stabilization - the Ozal decade in Turkey, Dani Rodrik: comments by Sweder van Wijnbergen; general discussion. Part 9 The Yugoslav path to high inflation, Velimir Bole and Mitja Gaspari: comments by Neven Mates; comments by Domenico Mario Nuti; general discussion. Part 10 Panel discussion - what's new since Toledo?
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- ID: 9780262023245
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