Stabilization and real adjustment in emerging market economies: Lessons from macroeconomic reforms in the Southern Cone

Rainer Schweickert

Open Access Publications from Kiel Institute for the World Economy from Kiel Institute for the World Economy (IfW Kiel)

Abstract: 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 reforms and (3) that an exchange rate based stabilization remains a high-risk strategy even in the case of strong adjustment efforts.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwkie:1609

DOI: 10.1007/BF02926384

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