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Heterodox stabilization programs are more successful in chronic high inflation countries because only there can the benefits from achieving a rapid initial reduction in inflation outweigh the costs of tampering with price and wage controls. While the heterodox phase is effective in blocking inflation initially, success depends on a long- term commitment to the orthodox part of the program and the readiness to accept the unavoidable costs of disinflation.
Heterodox stabilization programs can bring down inflation quickly without costing much unemployment in the short run. But costs that appear up front in orthodox programs are delayed in heterodox programs. Tight fiscal policy and a strong nominal anchor are critical to their success in the long run.
Comprises essays presented at a conference held in Jerusalem in 1990.
Contrary to traditional economic theories, heterodox approaches recognize the multidimensional nature of economic phenomena and acknowledge the influence of historical, psychological, social, and political factors. They address issues such as heterodox economics, income and gender inequality, environmental sustainability, financial crises, and the role of authority in shaping economic outcomes and offer a broader perspective for understanding the complexity of economic systems and their impact on human well-being. The book aims to help economists and economics students who want to critically examine the hypothetical presuppositions of traditional economics and to understand the complexities of the economic world more deeply understand the basic principles of heterodox economics and offer a new perspective in the discipline of economics. In the book, 23 academics working in different disciplines came together and contributed to 16 chapters with different perspectives. Each chapter aims to provide a scientific and original contribution to the literature by addressing different aspects of heterodox economics within the framework of its discipline.
This paper is part II of a two-volume study conducted as a part of the IMF's ongoing process of evaluating its lending facilities. It focuses on IMF-supported programs and macroeconomic performance during 1988-92, reflecting information available through the end of 1993. Part I (Occasional Paper No. 128) provides an overview of the principal issues and findings and distills the main message for future programs. Part II presents detailed examinations of selected policy issues in five background papers.
This three volume Encyclopedia offers the first comprehensive and authoritative survey of the rapidly developing field of international political economy. Its entries cover the major theoretical issues and analytical approaches within the field. The set also provides detailed discussion of the contributions of key individuals and surveys a wide range of empirical conditions and developments within the global political economy, including its major institutions. The Encyclopedia has been designed to be eclectic in approach and wide-ranging in coverage. Theoretical entries range from discussions of the definition and scope of the field, through core methodological questions such as rationalism and the structure-agent problem, to surveys of the major theories and approaches employed in the study of the international political economy.
This important new work is the first comprehensive reference to the rapidly developing field of international political economy [IPE]. Featuring over 1200 A-Z entries, the coverage encompasses the full range of issues, concepts, and institutions associated with IPE in its various forms. Comprehensively cross-referenced and indexed, each entry provides suggestions for further reading along with guides to more specialized sources. Selected entries include: * African Development Bank * benign neglect * Black Monday * casino capitalism * debt management * efficiency * floating exchange rates * General Agreement on Tariffs and Trade [GATT] *information society/economy * Organization of Petroleum-Exporting Countries [OPEC] * Microsoft * multinational corporations, definitions * NATO * patents * rent-seeking * Schellin, Thomas *tax havens * trusts * Value-Added Tax [VAT] * zero-sum games * and many more.
This paper studies the interactions between electoral considerations and the imposition of price controls by opportunistic policymakers. The analysis shows that a policy cycle emerges in which price controls are imposed in periods leading to the election, and removed immediately afterwards. The shape of the cycle is shown to depend on the periodicity of elections, the relative weight attached by the public to inflation as opposed to the macroeconomic distortions associated with price controls, the nature of wage contracts, and the degree of uncertainty about the term in office.