Based on theory and on evidence from the Southern Cone the following paper concludes for emerging market economies (1) that fiscal reform is of utmost importance for macroeconomic reforms, (2) that credibility cannot be imported via a fixed exchange rate but has to be established by internal...

Based on theory and on evidence from the Southern Cone the following paper concludes for emerging market economies (1) that fiscal reform is of utmost importance for macroeconomic reforms, (2) that credibility cannot be imported via a fixed exchange rate but has to be established by internal...

Angesichts katastrophaler Erfahrungen in Entwicklungsländern und zahlreicher theoretischer Einwände muß es überraschen, daß eine Wechselkursfixierung auch für osteuropäische Reformstaaten vorgeschlagen wird (und zum Teil schon versucht wurde), um die Wirtschaft zu stabilisieren. Dieser...