Crisis, Stabilization, and Economic Reform: Therapy by Consensus

ISBN-13: 9780198286639 / Angielski / Twarda / 1993 / 320 str.

Michael Bruno

Opis

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.

Recenzje

`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