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During the second half of the 20th century the region presented many interesting events of low and high inflation, hyperinflation as well as stabilization experiences. Re-distributional Costs: Income generated by long-term nominal contracts shrinks in real terms. Typical redistribution from lenders to borrowers. These rates do not raise major costs to the economy. It is the typical range found in developed economies.

Furtado and the structuralist-monetarist debate on economic stabilization in Latin America

As inflation rises, volatility in the inflation rises as well and people start to develop protective behaviour. That kind of inflation becomes chronic but does not turn easily into hyperinflation. In extreme cases hyperinflation develops. Edict of Diocletian A.

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Spain in the sixteenth century, following the discovery of precious metals in America US War of Independence, French Revolution. Introduction of the assignats paper currency. Selected Latin American Countries: Inflation Performance Annual percent change in consumer price index Latin America Argentina 3, percent percent Selected 0 0 Latin Bolivia Brazil American 11, percent 2, countries 0 0 50 50 45 Chile 45 Colombia 40 40 Recent 35 30 31 percent 35 30 32 percent 25 25 Inflation 20 15 20 15 Performanc 10 5 0 10 5 0 e Mexico percent Peru 7, 80 60 40 20 0 0 Source: IMF, World Economic Outlook.

Deficit financed by bonds, no effect on MB and Ms 2. Persistent 2. Wages, prices and contracts are adjusted for past inflation Also the shortening of the interval for adjustment of wages, prices, public sector prices and the exchange rate appears as inflation increases. Inertialists claim that these two factors indexation and the shortening of the intervals of price adjustments will not allow drastic fiscal adjustment or fixed exchange rates to stop inflation rapidly.


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There is some inertia and the costs in terms of output can be severe. Austral plan I and II; which consisted of Convertibility of the peso at 1-to-1 rate with the US wage-price controls and fixed ER were dollar and obligations of the monetary authority to relatively successful in the short-run. When maintain full backing of the monetary base in foreign the price freeze was lifted, prices took off. At the time of presidential elections in The law also banned any kind of automatic price , the government of Alfonsin was adjustment linked to domestic prices and contracts in weak, isolated and unable to collect taxes.

Rumours spread — the government had run The programme was complemented with a massive out of paper and ink to print money. The government implemented The situation led Alfonsin to step down deep trade and financial liberalization. Successful results at curbing inflation. It had three phases. The relatively stability collapsed n Phase one of the plan was an attempt to secure with the Cruzado Plan.

Inflation fiscal stability through tax increases, expenditure subsequently presented a upward trend. Other sources have argued that chronic inflation is caused by governments seeking to optimize seignorage taxes in order to pay most efficiently for public programmes, or because the societies in which it developed have consistently imported more than they can export and their currencies have had to devalue consistently to make their imports more expensive without elasticity being sufficient to reduce demand.

Increasingly it is also thought that environmental or ecological stresses and disasters can trigger a period of systemic inflation by governments unable to effectively handle the situation. The Argentine economy has a long history of experiencing trouble with prolonged high inflation rates. The hyperinflation crisis caused protests, riots, looting and a general decline of the government popularity among the public.

Dismal Dilma

This hyperinflation crisis had also taken place in the middle of the presidential elections , which led to the governing party to lose the elections. These policies ended with a catastrophic economic crisis in During the 21st century, Argentina didn't experience real inflationary troubles until , which saw a rise in inflation rates. This was compensated, albeit partly, with high purchasing power and subsidization, the latter increasing the fiscal deficit. When pro-reform forces came into power in the spring , an ambitious economic reform package, including introduction of a currency board regime and pegging the Bulgarian Lev to the German Deutsche Mark and subsequently to the euro , was agreed to with the International Monetary Fund and the World Bank , and the economy began to stabilize.

Chile had prolonged inflation for the greater part of the twentieth century. Pinochet's free-market economic policy gradually ended chronic inflation, which stabilised in single figures for the first time in forty-five years. In Guinea the normal drivers of inflation are food supply and distribution, and global commodity prices. Some government mitigation policies and economic growth have progressively stabilized inflation rates which reached their peak in July at On 21 July , Yahoo! In Israel froze most prices by law [11] and enacted other measures as part of an economic stabilization plan.

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Within a few months, the authorities began to lift the price freeze on some items; in other cases it took almost a year. Years of constant war and rebuilding resulted in large amounts of government spending, with international sanctions creating shortages and limits on borrowing. Between and the Iraqi Dinar went from an official value of 0. As Hirohito prepared for war to gain access to rubber and mineral resources, Japan began experiencing steady inflation from By the end of , retail prices were more than times their level in , and the highest denomination was a 75,,, Yen bank cheque.

The Japan wholesale price index relative to 1 as the average of shot up to In the early s, after the end of US military occupation, Japan controlled its own money. Through its rapidly growing export trade, Japan stabilized the yen quickly. Starting in the late s financial aid and trade with the USSR greatly decreased, which began a two-decade long period of high inflation that began to accelerate by with the East Asian financial crisis which had severely impacted Laos, burdened with large amounts of foreign debt coupled with very slow growth.

For a short time the Lao kip gained the less than respectable title of being "least valued currency unit. The emergence of a new debt crisis in has brought more uncertainty. The Malagasy franc had a turbulent time in , losing nearly half its value and sparking rampant inflation.

On 1 January , the Malagasy ariary replaced the previous currency at a rate of one ariary for five Malagasy francs.

The Monetary and Fiscal History of Latin America: The Case of Peru

In May , there were riots over rising inflation. Disinflation calmed the situation from to , but riots ensued in as prices continued to rise. In spite of the oil crisis of the late s Mexico is a producer and exporter , and due to excessive social spending, Mexico defaulted on its external debt in As a result, the country suffered a severe case of capital flight and over a decade of chronic inflation and peso devaluation. In , the highest denomination was 10, pesos [1] [2] , by it was , pesos and many Mexicans took to putting their savings into dollars.

One new peso was equal to of the obsolete MXP pesos.


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  4. The actual highest denomination was 1, pesos, worth 1,, old pesos. Mozambique was one of the world's poorest and most underdeveloped countries when it became independent of Portugal in , the last colonial power to relinquish its African territories.