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Deep crises and reform : what have we learned? (Inglês)

This paper was first presented as the author's address, as president, to the 1995 Congress of the International Economic Association in Tunis. It looks at the question of whether deep economic crisis brings about stabilization and reform. The author examines different influences on crises including high and low inflation, political polarization and foreign aid. The report also looks at the results of reform including stabilization, trade liberalization, and economic growth. The author concludes that even if high-inflation crises play a role in stimulating adjustment, more thought should be given to designing less costly ways of promoting reform.

Detalhes

  • Autor

    Bruno, Michael

  • Data do documento

    1996/09/30

  • TIpo de documento

    Publicação

  • No. do relatório

    15990

  • Nº do volume

    1

  • Total Volume(s)

    1

  • Data de divulgação

    2010/07/01

  • Nome do documento

    Deep crises and reform : what have we learned?

  • Palavras-chave

    high inflation;central government fiscal;per capita income;per capita growth rate;total factor productivity growth;official development finance;current account deficit;costs of inflation;international financial institution;average inflation rate;external debt crisis;moderate inflation crisis;wave of privatization;response to crisis;state enterprise reform;black market premium;rate of inflation;success of reform;speed of recovery;capital growth;increase in debt;experiencing inflation crisis;heavily indebted country;soft budget constraint;gains and losses;lack of supply;commodity price shock;country growth performance;world war ii;balance of payment;independent central bank;cost of living;european economic community;transfer of knowledge;access to information;effectiveness of aid;index of liberalization;class of model;effect of stabilization;role of aid;private foreign capital;debt crisis country;form of commitment;increase in inflation;negative growth;macroeconomic crisis;exchange rate;Exchange Rates;budget deficit;stabilization program;peak inflation;franc zone;pension reform;deadweight loss;Political Economy;public expenditure;radical reform;open economy;Monetary theories;policy package;external financing;social learning;commercial bank;external aid;central planning;positive outcome;capital stock;liberalization index;external shock;external transfer;monetary theory;efficiency gain;empirical evidence;inflation stabilization;standard deviation;inflationary process;output growth;reform process;interest group;empirical analysis;political support;government's budget;price distortion;Financial Sector;inflation reduction;market economy;property right;price volatility;Contractual obligations;transition economy;government deficit;Transition economies;crisis economy;state enterprises;legal authority;mutual consultation;Social Welfare;budgetary resource;tax increase;conditional aid;Economic Policy;debt threshold;stabilization measure;multilateral agency;Public Services;government's capacity;political dynamic;political survival;incentive mechanism;debt profile;debt relief;external fund;stabilization fund;confidence interval;dramatic change;unmet demand;considerable difference;political environment;privileged access;implicit contract;potential lender;industrial country;political interest;supply response;government revenue;market institution;private saving;adverse shock;debt accumulation;unilateral action;nonlending service;public budget;contagion effect;empirical issue;political behavior;uruguay round;financial crisis;external factor;conventional wisdom;distribution cost;international economy;private debt;general secretary;majority voting;temporary slowdown;disaggregated level;small sample;secondary enrollment;expenditure share;economics profession;sound board;reform policy;graduate school;fiscal correction;general agreement;fiscal change;political stalemate;homogeneous society;high tax;fiscal deficit;physical resources;monetary policy;take time;supply side;money creation;french franc;election campaign;foreign exchange;research assistance;empirical findings;formal employment;congressional approval;crisis situation;political coalition;export industry;foreign fund;prudent fiscal;positive growth;domestic consumption;future research;political dimensions;regression residual;trade regime;Macroeconomic Policy;lagged growth;money illusion;adjustment policy;subsequent growth;conceptual issue;real appreciation;ongoing work;public deficit;Capital Inflows;fiscal behavior;output collapse;extreme inflation;extreme values;arbitrary choice;fiscal consolidation;external flows;price liberalization;External Finance;fiscal restraint;reform growth;external imbalance;internal trade;domestic finance;social spending;inflationary pressure;foreign finance;fiscal prudence;price stability;financial depth;median length;bilateral trade;contract enforcement;external support;organizational incentives;

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