What causes the failure of inflation stabilization plans?

Detalhes bibliográficos
Autor(a) principal: Veiga, Francisco José
Data de Publicação: 1999
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/1822/2751
Resumo: The paper discusses the causes of failure of inflation stabilization plans. Following a description of stylized facts of inflation stabilization, a model of Balance of Payments crises is presented, highlighting some of the main factors leading to the collapse of stabilizations. Empirical results obtained when estimating a binary probit model over a panel of 34 stabilizations identify real exchange rate appreciation, lack of foreign reserves, and government budget deficits as the main causes of failure of inflation stabilization plans. This is consistent with the model presented in this paper, with the stylized facts of stabilizations, and with some of the models found in the literature.
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spelling What causes the failure of inflation stabilization plans?InflationStabilizationChronic inflation countriesE31E63F41Social SciencesThe paper discusses the causes of failure of inflation stabilization plans. Following a description of stylized facts of inflation stabilization, a model of Balance of Payments crises is presented, highlighting some of the main factors leading to the collapse of stabilizations. Empirical results obtained when estimating a binary probit model over a panel of 34 stabilizations identify real exchange rate appreciation, lack of foreign reserves, and government budget deficits as the main causes of failure of inflation stabilization plans. This is consistent with the model presented in this paper, with the stylized facts of stabilizations, and with some of the models found in the literature.Fundação para a Ciência e a Tecnologia - (FCT)ElsevierUniversidade do MinhoVeiga, Francisco José1999-021999-02-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/2751eng"Journal of International Money and Finance". ISSN 0261-5606. 18:2 (Febr. 1999)0261-560610.1016/S0261-5606(99)00004-2info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-21T12:21:48Zoai:repositorium.sdum.uminho.pt:1822/2751Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:15:09.952572Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv What causes the failure of inflation stabilization plans?
title What causes the failure of inflation stabilization plans?
spellingShingle What causes the failure of inflation stabilization plans?
Veiga, Francisco José
Inflation
Stabilization
Chronic inflation countries
E31
E63
F41
Social Sciences
title_short What causes the failure of inflation stabilization plans?
title_full What causes the failure of inflation stabilization plans?
title_fullStr What causes the failure of inflation stabilization plans?
title_full_unstemmed What causes the failure of inflation stabilization plans?
title_sort What causes the failure of inflation stabilization plans?
author Veiga, Francisco José
author_facet Veiga, Francisco José
author_role author
dc.contributor.none.fl_str_mv Universidade do Minho
dc.contributor.author.fl_str_mv Veiga, Francisco José
dc.subject.por.fl_str_mv Inflation
Stabilization
Chronic inflation countries
E31
E63
F41
Social Sciences
topic Inflation
Stabilization
Chronic inflation countries
E31
E63
F41
Social Sciences
description The paper discusses the causes of failure of inflation stabilization plans. Following a description of stylized facts of inflation stabilization, a model of Balance of Payments crises is presented, highlighting some of the main factors leading to the collapse of stabilizations. Empirical results obtained when estimating a binary probit model over a panel of 34 stabilizations identify real exchange rate appreciation, lack of foreign reserves, and government budget deficits as the main causes of failure of inflation stabilization plans. This is consistent with the model presented in this paper, with the stylized facts of stabilizations, and with some of the models found in the literature.
publishDate 1999
dc.date.none.fl_str_mv 1999-02
1999-02-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/1822/2751
url http://hdl.handle.net/1822/2751
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv "Journal of International Money and Finance". ISSN 0261-5606. 18:2 (Febr. 1999)
0261-5606
10.1016/S0261-5606(99)00004-2
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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