EXCHANGE RATE-BASED STABILIZATION IN WESTERN EUROPE: GREECE, IRELAND, ITALY, AND PORTUGAL
A. JAVIER HAMANN
"This paper reviews the experience with exchange rate-based stabilization of four Western European countries-Italy, Ireland, Portugal, and Greece-in 1980-1996 and compares it with the experience of high-inflation developing countries. We find that inflation stabilization was contractionary, in contrast with the expansionary cycle observed in high-inflation countries, although some real exchange rate appreciation took place. Also, frequent adjustments of the exchange rate peg or even its abandonment did not lead to a resumption of inflation, so stabilization programs were successful in all four countries." ("JEL" E31, F41) Copyright 1999 Western Economic Association International.
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