The Resource Why do many disinflations fail? : the importance of luck, timing, and political institutions, A. Javier Hamann and Alessandro Prati

Why do many disinflations fail? : the importance of luck, timing, and political institutions, A. Javier Hamann and Alessandro Prati

Label
Why do many disinflations fail? : the importance of luck, timing, and political institutions
Title
Why do many disinflations fail?
Title remainder
the importance of luck, timing, and political institutions
Statement of responsibility
A. Javier Hamann and Alessandro Prati
Creator
Contributor
Subject
Language
eng
Summary
Many inflation stabilizations succeed only temporarily. Using a sample of 51 episodes of stabilization from inflation levels above 40 percent, we show that most of the failures are explained by bad luck, unfavorable initial conditions, and inadequate political institutions. The evolution of trading partners' demand and U.S. interest rates captures the effect of bad luck. Past inflation affects the outcome in two different ways: a long history of high inflation makes failure more likely, while a high level of inflation prior to stabilization increases the chances of success. Countries with short-lived political institutions, a weak executive authority, and proportional electoral rules also tend to fail. After controlling for all these factors, we find that exchange-rate-based stabilizations are more likely to succeed. These findings are robust across measures of failure (two dichotomous and one continuous), sample selection criteria, and estimation techniques, including Heckman's correction for the endogeneity of the anchor
Member of
Action
digitized
Cataloging source
OCLCE
Dewey number
332.152
Illustrations
illustrations
Index
no index present
LC call number
HG3881.5.I58
LC item number
W67 no.02/228
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
IMF working paper
Series volume
WP/02/228
Label
Why do many disinflations fail? : the importance of luck, timing, and political institutions, A. Javier Hamann and Alessandro Prati
Publication
Note
  • "December 2002"--Page [1]
  • At head of title: Policy Development and Review Department and Research Department
  • Cover title
Antecedent source
file reproduced from original
Bibliography note
Includes bibliographical references (page 41)
http://library.link/vocab/branchCode
  • net
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
black and white
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Control code
ocn647058143
Dimensions
unknown
Extent
1 online resource (64 pages)
File format
one file format
Form of item
online
Isbn
9781283518406
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
illustrations
http://library.link/vocab/recordID
.b37172323
Reproduction note
Electronic reproduction.
Specific material designation
remote
System control number
  • (OCoLC)647058143
  • imf1283518406
System details
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.

Library Locations

    • Deakin University Library - Geelong Waurn Ponds CampusBorrow it
      75 Pigdons Road, Waurn Ponds, Victoria, 3216, AU
      -38.195656 144.304955
Processing Feedback ...