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© 1990 International Bank for Reconstruction and Development / The World Bank

research-article

INFLATION AND THE COSTS OF STABILIZATION

Historical and Recent Experiences and Policy Lessons

Andrés Solimano

This article reviews various experiences with stabilization. It first examines stabilization programs in the context of hyperinflation—looking at the experiences of Austria and Germany in the early 1920s and Bolivia in 1985—and then reviews and interprets the results of orthodox stabilization plans (applied in Argentina, Chile, and Uruguay during the mid-1970s and early 1980s) and those of heterodox programs (the austral plan in Argentina and the cruzado plan in Brazil, with a glance at the Mexican and Israeli experiences). The paper concludes with a discussion of conceptual issues and implications for the design of stabilization policies.


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