Por Miguel A. Kiguel
Todos sabemos cómo funciona el cepo, y hemos aprendido a vivir con tasas de interés reales negativas, a usar el dólar Contado con Liqui para eludir los controles...
Lessons from the Heterodox Stabilization Programs
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Lessons from the Heterodox Stabilization Programs
Kiguel & Liviatan, 1991.
Heterodox stabilization programs are more successful in chronic high inflation countries because only there can the benefits from achieving a rapid initial reduction in inflation outweigh the costs of tampering with price and wage controls. While the heterodox phase is effective in blocking inflation initially, success depends on a long-term commitment to the orthodox part of the program and the readiness to accept the unavoidable costs of disinflation.