Hyperinflation, credibility, and stabilization
Economic and Social Development Dept., Inter-American Development Bank, 1994 - Business & Economics - 80 pages
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Historical Evidence and Credibility
Some Historical Examples of Stabilization
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1924 Percentage change adaptive expectations Austria Bank of France BDNs billion marks bonds Brazil budget deficits Cagan capital levy Central Bank change in WPI circulation consolidation countries Dawes Plan debt overhang demand for money demand for real Dornbusch and Fischer economic end of hyperinflations episodes of hyperinflation expected inflation factors Figure finance floating debt Germany gold standard government's high inflation rates Hungary increase inflationary process intense monetary instability interest rate intertemporal solvency investors issuance of currency Italy Laffer Curve lira literature on credibility loans Makinen moderate left monetary base monetary issue money creation money supply month Monthly Inflation Rate National notion of credibility parity payments percent period Poincare Poincare's Poland political price rises problems public debt public deficit rate of inflation Raymond Poincare real balances real exchange rate regime rentenmark revenues Sargent seigniorage short-term debt stabilization Sturzenegger Treasury Webb wholesale prices Zini