| Record ID | marc_loc_2016/BooksAll.2016.part33.utf8:73580155:2536 |
| Source | Library of Congress |
| Download Link | /show-records/marc_loc_2016/BooksAll.2016.part33.utf8:73580155:2536?format=raw |
LEADER: 02536cam a22003497a 4500
001 2005618393
003 DLC
005 20050708153846.0
007 cr |||||||||||
008 050708s2005 mau sb 000 0 eng
010 $a 2005618393
040 $aDLC$cDLC
043 $as-cl---
050 00 $aHB1
100 1 $aEdwards, Sebastian,$d1953-
245 10 $aEstablishing credibility$h[electronic resource] :$bthe role of foreign advisors /$cSebastian Edwards.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2005.
490 1 $aNBER working paper series ;$vworking paper 11429
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/8/2005.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"In this paper I analyze the role of foreign advisors in stabilization programs. I discuss from an analytical perspective why foreigners may help a developing country's government put in place a successful stabilization program. This framework is used to analyze Chile's experience with anti-inflationary policies in the mid 1950s. In 1955-58 Chile implemented a stabilization package with the advice of the U.S. consulting firm of Klein-Saks. The Klein-Saks program took place in a period of acute political confrontation. After what was considered to be an initial success -- inflation declined from 85% in 1955 to 17% in 1957 -- the program failed to achieve durable price stability. I argue that the foreign advisors of the Klein-Saks Mission gave initial credibility to the stabilization program launched in 1955. But providing initial credibility was not enough to ensure success. Congress failed to act decisively on the fiscal front. Consequently the fiscal imbalances that had plagued Chile for a long time were reduced, but not eliminated. I present empirical results on the evolution of inflation, exchange rates and interest rates that support my historical analysis"--National Bureau of Economic Research web site.
650 0 $aEconomic stabilization$zChile.
650 0 $aInflation (Finance)$zChile.
650 0 $aConsultants$zChile.
651 0 $aChile$xEconomic policy.
651 0 $aChile$xEconomic conditions$y1918-1970.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 11429.
856 40 $uhttp://papers.nber.org/papers/W11429