Inflation Stabilization and BOP Crises in Developing Countries

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dc.contributor.authorCalvo, Guillermo A.
dc.contributor.authorVégh, Carlos A.
dc.date.accessioned2007-02-16T16:48:01Z
dc.date.available2007-02-16T16:48:01Z
dc.date.issued1999
dc.description.abstractHigh and persistent inflation has been one of the distinguishing macroeconomic characteristics of many developing countries - particularly in Latin America - since the end of World War II. Pazos (1972) coined the term "chronic inflation" to refer the this phenomenon. In his view, chronic inflation is quite a different creature from the much more spectacular hyperinflations studied by Cagan (1956). First, unlike hyperinflations whose duration is measured in terms of months, chronic inflation may last for decades. Second, countries learn how to live with high and persistent inflation by creating various indexation mechanisms which, in turn, tend to perpetuate the inflationary process. As a result, inflation does not have an inherent propensity to accelerate and, if it does, soon reaches a new plateau.en
dc.format.extent554037 bytes
dc.format.mimetypeapplication/pdf
dc.identifier.citationCalvo, Guillermo A. and Carlos A. Végh, "Inflation Stabilization and BOP Crises in Developing Countries" in Taylor, John B. and Michael Woodford, Eds., Handbook of Macroeconomics, New York: Elsevier, 1999.en
dc.identifier.urihttp://hdl.handle.net/1903/4290
dc.language.isoen_USen
dc.publisherElsevieren
dc.relation.isAvailableAtDigital Repository at the University of Marylanden_us
dc.relation.isAvailableAtEconomics Departmenten_us
dc.relation.isAvailableAtCollege of Behavioral and Social Sciencesen_us
dc.relation.isAvailableAtUniversity of Maryland (College Park, Md.)en_us
dc.rights.licenseReprinted from Handbook of Macroeconomics, Taylor, John B. and Michael Woodford, Eds., New York: Elsevier, 1999, with permission from Elsevier. http://www.sciencedirect.com/science/handbooks/15740048en_us
dc.subjectinflationen
dc.subjectchronic inflationen
dc.subjecthyperinflationen
dc.subjectinflation stabilizationen
dc.subjectBOP crisesen
dc.subjectbalance of payments crisesen
dc.titleInflation Stabilization and BOP Crises in Developing Countriesen
dc.typeBook chapteren

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