The paper reviews the Argentine debt experience in the past ten years. The emphasis is on the interaction between relative prices, financial instability, budget .deficits, inflation and debt accumulation. A longer run perspective shows that the continuing fiscal problems have stood in the way of...

The essay is an extended version of the Frank D. Graham Lecture presented at Princeton University in May 1985. It discusses the interaction of inflation and exchange rate policy in a variety of contexts. Four different settings are used to highlight that role: the experiments with exchange rate...

This report presents two unrelated, short papers on exchange rate rules and on the real value of the external debt. The paper on exchange rate policy uses the Taylor model of overlapping, long term wage contracts to ask whether accommodating or PPP oriented exchange rate policies tend to...

The paper reviews macroeconomic events and policies in Argentina in the period 1981-1984. In that period inflation,that had decelerated to less than 100 percent, resumed and reached irore than 600 percent in mid-1984. The real exchange rate that had appreciated in the policy of disinflation...

This report brings together three separate, short papers on problems of Brazilian trade and payments. The following topics are addressed: the determinants of export behavior in the manufactures sector, measures of the real exchange rate and the monetary approach applied to the external balance....

Post-1945 Europe had many of the traits observed today in Eastern Europe and the Soviet Union: price controls, shortages, black markets and a monetary overhang. The policy response in most countries was monetary reform - - the deliberate immobilization of liquid assets and in many instances an...

This paper discusses a number of issues that the newly constituted Board of the ECB will face early on. We show how conducting a European monetary policy is very different from living under the protective umbrella of the Bundesbank. We discuss voting on the ECB Board and argue that the ability...

Financial factors have been assigned strategic importance in economic development. But very different factors have been isolated in the respective experiences: in Asia unrepressed financial markets in mobilizing saving and allocating investment have been given prominence. In Latin America the...

This paper analyzes the behavior of the current account and the exchange rate in the British economy during the 1970's, and discusses the outlook, as influenced by the availability of oil revenues, for exchange rate developments during the 1980's.Both trade and exchange rate behavior are...

In 1985-86 Argentina, Brazil and Israel initiated programs of stabilization after episodes of high and sharply accelerating inflation. Among the key features of each stabilization program were the use of wage- price controls, a fixed exchange rate and fiscal correction as well as a significant...