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High Inflation

By Leijonhufvud Heymann

High Inflation

By Leijonhufvud Heymann

0 - Default Title
Description
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.
Product details
Edition:
illustrated
Number of Pages:
248
Release Date:
1995-05-18
Publication Date:
1995-03-30
Publisher:
OUP Oxford
Languages:
Original: English
ISBN10:
0198288441
ISBN13:
9780198288442
GPSR Manufacturer Reference:
[email protected]
Weight:
486 g
Height:
145 cm
Width:
222 cm
Thickness:
18 cm
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