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Stopping Hyperinflations Past and Present

Author: Stanley Fischer; Rudiger Dornbusch; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1986.
Series: Working paper series (National Bureau of Economic Research), no. w1810.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We examine four successful stabilizations from high inflation -- Germany in 1923, Austria in 1922, in Poland 1924-27, Italy 1947 --and the two ongoing attempted stabilization in Israel and Argentina, with the aim of identifying general lessons from those episodes. The key issues in a stabilization are the budget, the exchange rate, and money. Budget deficits were significantly reduced in each case, but were not in  Read more...
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Additional Physical Format: Print version:
Dornbusch, Rudiger.
Stopping hyperinflations past and present.
Cambridge, MA : National Bureau of Economic Research, 1986
(OCoLC)14116052
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Stanley Fischer; Rudiger Dornbusch; National Bureau of Economic Research.
OCLC Number: 756572869
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w1810.
Responsibility: Rudiger Dornbusch, Stanley Fischer.

Abstract:

We examine four successful stabilizations from high inflation -- Germany in 1923, Austria in 1922, in Poland 1924-27, Italy 1947 --and the two ongoing attempted stabilization in Israel and Argentina, with the aim of identifying general lessons from those episodes. The key issues in a stabilization are the budget, the exchange rate, and money. Budget deficits were significantly reduced in each case, but were not in all cases completely removed. The exchange rate was pegged in each case, through in all but the Italian case, each stabilization was also preceded by at least one episode in which attempted stabilization through exchange rate pegging was unsuccessful. As pointed out by Sargent and others, money growth rates were high after each stabilization, suggesting that any stabilization that strictly controls the growth of money will produce serious recession. A common feature of stabilizations is a period of extremely high real interest rates.

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