Hyperinflation in Latin America

Eliana A. Cardoso ()

Brazilian Journal of Political Economy, 1989, vol. 9, issue 3, 326-345

Abstract: This paper discusses why inflation is so high in Latin America and· what can bedone to stop it. The first part starts with an analysis of monetarism. It also discusses seignoragemodels, the impact of the debt crisis and of dollarization on inflation. Next, we reviewstructuralism and its most recent insight: inflation inertia. Then we integrate the differentinterpretations of inflation. The second part examines stabilization programs, beginningwith the analysis of programs derived from the monetarist diagnosis, or orthodox programs.Next, we turn to heterodox programs, including both populist programs and programsbased on a new interpretation of inflation. The stabilization programs of the 1980s failedto obtain budget consolidation and large budget deficits have pushed the economy into aclassic inflationary finance situation. JEL Classification: E31.

Keywords: Inflation; hyperinflation; monetary policy; stabilization (search for similar items in EconPapers)
Date: 1989
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