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Identifying Stabilization Episodes
Nominal Anchors and Stylized Facts
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13 ERBS 1985 Syrian Arab 40 percent Argentina author's estimates Bangladesh 1975 behavior Brazil Chile confidence intervals Congo criterion current account balances Date Exchange rate Democratic Republic Dominican Republic Ecuador ERBS in sample ERBS syndrome described evidence exchange rate anchor Exchange rate-based stabilizations financial discipline fiscal adjustment fiscal balances fiscal discipline fixed exchange rate Ghana growth performance Guinea Bissau Guyana Iceland inflation above 40 inflation rate inflation stabilization episodes investment large number least Lebanon low inflation macroeconomic median Mozambique 1988 national sources Nicaragua 1991 nominal anchor number of episodes p.p. of GDP percent of GDP Peru real exchange rate reduction in inflation Reinhart and Vegh rule selection Sierra Leone Somalia sources and author's stabilization date stabilization plan stabilization programs statistically significant stylized facts success for ERBS supply shocks t-1 in sample t-1 t t+l t+1 t+2 t+3 t+2 t+3 Source third post-stabilization Uganda Yes Uruguay Yes Yes Zambia