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Inflation Stabilization under External Constraint

In: The Economics of High Inflation

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  • Paul Beckerman

Abstract

This chapter considers the policy problems of stabilizing an economy that has both high inflation and an external payments deficit it is unwilling or unable to cover through borrowing. During the 1980s, under the pressure of surging debt service, many Latin American nations dramatically increased their trade surpluses in stabilization programs supported by credit from the International Monetary Fund. Their inflation rates, however, either responded disappointingly or increased significantly. This chapter discusses this experience. It first explains how “IMF-type programs” should work, emphasizing the role inflation plays in them. It then discusses the intricate reasons why inflation has been a stubbornly persisting concomitant of the “debt crisis.”

Suggested Citation

  • Paul Beckerman, 1992. "Inflation Stabilization under External Constraint," Palgrave Macmillan Books, in: The Economics of High Inflation, chapter 7, pages 108-125, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-21713-7_7
    DOI: 10.1007/978-1-349-21713-7_7
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