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Orthodox and Heterodox Stabilization Policies in Bolivia and Peru: 1985-1988

Published online by Cambridge University Press:  02 January 2018

Arthur J. Mann  and
Manuel Pastor Jr.
Arthur J. Mann
Affiliation:
University of Puerto Rico in San Juan
Manuel Pastor Jr.
Affiliation:
Occidental College in Los Angeles (CA)
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Extract

With the outbreak of the Latin American debt crisis in late 1982, nervous bankers and hard-pressed debtors turned to the International Monetary Fund (IMF) for both short-term finance and macroeconomic advice. By 1985, however, steadily increasing inflation and stagnant output reduced what little appeal such orthodox IMF programs had ever enjoyed. In late 1985 and early 1986, Argentina and Brazil adopted new “heterodox” stabilization programs, whose essential elements included income policies to break inflationary inertia, monetary reform (especially the creation of new currencies), and a verbal commitment to fiscal restraint.

Type
Research Article
Information
Journal of Interamerican Studies and World Affairs , Volume 31 , Issue 4 , Winter 1989 , pp. 163 - 192
Copyright
Copyright © University of Miami 1989

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