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The Benefits of Crises for Economic Reforms / Allan Drazen, Vittorio Grilli.
- Format:
- Book
- Author/Creator:
- Drazen, Allan.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w3527.
- NBER working paper series no. w3527
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1990.
- Summary:
- This paper presents a model in which economic crises have positive effects on welfare. Periods of very high inflation create the incentive for the resolution of social conflict and thus facilitate the introduction of economic reforms and the achievement of higher levels of welfare. Policies to reduce the cost of inflation, such as indexation, raise inflation and delay the adoption of reforms, but have no effect on expected social welfare.
- Notes:
- Print version record
- December 1990.
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