Synopsis
This book looks at very high inflations, exemplified by those suffered by Argentina, Bolivia, Brazil, Israel, Mexico, and Peru in the eighties and by the Soviet Union today. The authors argue that a better grasp of high inflation processes is necessary in order for countries intricated in it to design stabilization strategies. The extremes of monetary instability can also give a clearer picture of the purpose that money and financial institutions serve under more normal circumstances, thus deepening our understanding of the benefits of monetary stability. This study will be of interest to scholars of macroeconomics, economic theorists and applied economists.
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About the Author
Axel Leijonhufvud is Director of the Center for Computable Economics at the University of California, Los Angeles and Professor of Economics at the University of Trento.
From the Back Cover
In the 1980s, several Latin American countries suffered through years of high inflation, as did Israel. Today, high inflations thwart reform and impede recovery in Russia, Ukraine, and most of the other former Soviet republics. This book examines the emergence of such inflation-prone monetary regimes, the financial predicaments besetting governments in high inflations, and the difficulties of devising policy strategies that can be sustained through disinflation to lasting stabilization. It discusses the manner in which these inflations cause the functioning of the market economy to deteriorate. High inflations interfere with information flows between agents and complicate economic calculations; they make the accounting measurement of economic results and the monitoring of principal-agent relationships more difficult; they undermine the basis for intertemporal contractual commitments, and cause many financial markets to disappear entirely. These high inflation phenomena challenge our understanding of monetary economics. Episodes of extreme monetary instability make us see the scope and limitations of current theory in clearer perspective. Theories of money and finance that introduce money only so as to determine the nominal scale of non-monetary general equilibrium will not explain the deterioration of economic performance characteristic of high inflations. The authors conclude this study with an exploration of the theoretical issues raised by the anomalous evidence from the high inflations.
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High Inflation
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Oxford University Press, GB, 1995
ISBN 10: 0198288441
ISBN 13: 9780198288442
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Hardback. Condition: New. Illustrated. This book looks at very high inflations, exemplified by those suffered by Argentina, Bolivia, Brazil, Israel, Mexico, and Peru in the eighties and by the Soviet Union today. The authors argue that a better grasp of high inflation processes is necessary in order for countries intricated in it to design stabilization strategies. The extremes of monetary instability can also give a clearer picture of the purpose that money and financial institutions serve under more normal circumstances, thus deepening our understanding of the benefits of monetary stability.The authors examine the financial problems that governments have to wrestle with in high inflation, the private sector's adaptations to high inflation conditions, and the difficulties of finding a policy strategy that can be sustained through disinflation to lasting stabilization.In describing, analysing, and explaining a number of high inflationary experiences, the authors show that standard macroeconomic theory cannot account for the phenomenon of these extreme cases and ask how received inflation theory needs to be changed in order for it to accommodate the various effects on the functioning of the economy.Finally, the authors make a series of policy prescriptions which will help policy-makers to avoid inflationary situations. Seller Inventory # LU-9780198288442
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High Inflation (Hardcover)
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ISBN 10: 0198288441
ISBN 13: 9780198288442
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Hardcover. Condition: new. Hardcover. This book looks at very high inflations, exemplified by those suffered by Argentina, Bolivia, Brazil, Israel, Mexico, and Peru in the eighties and by the Soviet Union today. The authors argue that a better grasp of high inflation processes is necessary in order for countries intricated in it to design stabilization strategies. The extremes of monetary instability can also give a clearer picture of the purpose that money and financial institutions serve under morenormal circumstances, thus deepening our understanding of the benefits of monetary stability.The authors examine the financial problems that governments have to wrestle with in highinflation, the private sector's adaptations to high inflation conditions, and the difficulties of finding a policy strategy that can be sustained through disinflation to lasting stabilization.In describing, analysing, and explaining a number of high inflationary experiences, the authors show that standard macroeconomic theory cannot account for the phenomenon of these extreme cases and ask how received inflation theory needs to be changed in order for it to accommodate thevarious effects on the functioning of the economy.Finally, the authors make a series of policy prescriptions which will help policy-makers to avoid inflationary situations. This book looks at how economies function in conditions of high inflation. It examines both theoretical issues - developing new theoretical models to understand the process of high and hyperinflations - and policy issues aimed at achieving stabilization. Shipping may be from multiple locations in the US or from the UK, depending on stock availability. Seller Inventory # 9780198288442