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Crisis, Stabilization, and Economic Reform

  • Livre Relié
  • 320 Nombre de pages
Considers the phenomenon of the high inflation processes of the 1970s and 1980s as exemplified by Argentina, Brazil and Israel. Th... Lire la suite
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Description

Considers the phenomenon of the high inflation processes of the 1970s and 1980s as exemplified by Argentina, Brazil and Israel. The author examines common characteristics of such processes and their possible cures, focusing on the Israeli experience of the political economy of stabilization.

`a most useful general introduction to the problems examined in subsequent chapters ... This is a lucid and useful book, informed by shrewd political judgement and welcome awareness of the real importance of individual freedom. Its judicious and reasonable tone, with careful use of evidence from a wide range of settings, contrasts notably with the other volume reviewed here.' Economic Affairs

Préface
By the Chief Economist of the World Bank

Texte du rabat

This book examines the phenomenon of the high inflation processes of the 1970s and 1980s as exemplified by Argentina, Brazil, and Israel. It explores the common characteristics of such processes and their possible cures--with some emphasis on the lessons of the Israeli experience in respect of the role of incomes policy and the political economy of stabilization. The discussion of the theoretical underpinnings of "shock" treatments provides a good example for the blending of a number of disciplines: lessons of economic history, open economy monetary and macro theory, game-theory applications to economic policy design (concepts such as dynamic inconsistency, government reputation, and credibility) and the rationalization of incomes policy.



Résumé
This book authoritatively considers the phenomenon of the severe economic crises of the 1970s and 1980s, as exemplified by the combination of high inflation and negative growth in Israel and Latin America. The author analyses the common characteristics of such processes and their possible cureswith a detailed first-hand account of Israeli stabilization policy, and a comparative policy-oriented analysis of Latin American reforms. Professor Bruno also calls on his experience to give a preliminary evaluation of recent stabilizations and reform attempts in several East European economies. The discussion of the theoretical underpinnings of `shock' treatments provides a good example for the blending of a number of disciplines: lessons of economic history; open economy monetary and macro theory; game-theoretic applications to the theory of economic policy design (concepts such as dynamic inconsistency, government reputation, and credibility); and the rationalization of incomes policy. The Clarendon Lectures in Economics were established in 1987. They consist of coherent sets of three or four lectures given by distinguished economists which are accessible to advanced undergraduates and also of interest to academics. Subjects vary from high theory and applications of theory to policy-oriented topics. Lecturers include Professors J.-M. Grandmont, David Kreps, Kenneth Arrow, Angus Deaton, Robert Schiller, and Oliver Hart.

Contenu

High inflation, growth crisis and reform - historical perspective and brief overview; the gathering storm - Israel's structural crisis in the 1970s; shocks and accommodation - the dichotomy and mechanics of high inflation; preparing for a comprehensive stabilization programme 1981-1985 - doctrinal debates, politics and trial by error; the fight over stabilization and the structural adjustment process, 1985-1991; Latin American comparisons - failures, successes, heterogeneity; stabilization and reform in Eastern Europe; synthesis, policy lessons and open questions.

Détails sur le produit

Titre: Crisis, Stabilization, and Economic Reform
Sous-titre: Therapy by Consensus
Auteur:
Code EAN: 9780198286639
ISBN: 978-0-19-828663-9
Format: Livre Relié
Editeur: Oxford University Press
Genre: Economie internationale
nombre de pages: 320
Poids: 563g
Taille: H224mm x B144mm x T24mm
Année: 1993