Exchange Rate-Based Stabilization in Western Europe : Greece, Ireland, Italy and Portugal /
This paper compares the experience with exchange-rate-based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables-inflation, output, demand, the real exchange rate and the current account-in t...
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| Format: | Journal |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1997.
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| Series: | IMF Working Papers; Working Paper ;
No. 1997/075 |
| Online Access: | Full text available on IMF |
| Summary: | This paper compares the experience with exchange-rate-based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables-inflation, output, demand, the real exchange rate and the current account-in the four countries examined did not correspond to the pattern observed in developing countries, although some resemblance to this pattern could be found in Italy in 1987-92 and Greece in 1994-96. The experience with ERBS in Western Europe highlights the importance of incomes policy as an ingredient of a successful stabilization program and shows that the adoption of a looser anchor does not necessarily reduce the output cost of disinflation. |
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| Item Description: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| Physical Description: | 1 online resource (29 pages) |
| Format: | Mode of access: Internet |
| ISSN: | 1018-5941 |
| Access: | Electronic access restricted to authorized BRAC University faculty, staff and students |