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Money. Monetary policy --- Latin America --- Inflation (Finance) --- Israel --- Economic policy --- 336.748.12 --- 338.22 --- -LDC / Developping Countries - Pays En Développement --- AR / Argentina - Argentinië - Argentine --- BO / Bolivia - Bolivie --- BR / Brazil - Brazilië - Brésil --- IL / Israel --- MX / Mexico - Mexique --- 333.841 --- 333.481 --- Papers presented at the conference held in Toledo, Spain, June 1987. --- NBB congres --- 338.22 Economische organisatieleer. Economisch beleid. Economische politiek --- Economische organisatieleer. Economisch beleid. Economische politiek --- 336.748.12 Algemeen prijsniveau. Prijsindex. Prijsstijging --- Algemeen prijsniveau. Prijsindex. Prijsstijging --- Finance --- Natural rate of unemployment --- Case studies --- -Congresses --- Inflatie. --- Monetaire crisissen, hervormingen, saneringen en stabilisering. --- Inflation --- Congresses --- Congrès --- Cas, Etudes de --- Israël --- Amérique latine --- Politique économique --- LDC / Developping Countries - Pays En Développement --- Papers presented at the conference held in Toledo, Spain, June 1987 --- Case studies&delete& --- Monetaire crisissen, hervormingen, saneringen en stabilisering --- Inflatie --- Asociación Latinoamericana de Libre Comercio countries --- Neotropical region --- Neotropics --- New World tropics --- Spanish America --- Izrailʹ --- Medinat Yiśraʼel --- Yiśraʼel --- Izrael --- Isrāʼīl --- Israele --- Isŭrael --- I-se-lieh --- Medinat Israel --- State of Israel --- ישראל --- מדינת ישראל --- إسرائيل --- دولة إسرائيل --- Dawlat Isrāʼīl --- Ізраіль --- Дзяржава Ізраіль --- Dzi︠a︡rz︠h︡ava Izrailʹ --- Stát Izrael --- Država Izrael --- Ισραήλ --- Израиль --- Государство Израиль --- Gosudarstvo Izrailʹ --- イスラエル --- Isuraeru --- 以色列 --- Yiselie --- Palestine --- Congresses. --- Inflation (Finance) - Latin America - Case studies - Congresses --- Inflation (Finance) - Israel - Congresses --- Israel - Economic policy - Congresses

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The concept of Economic Reform is described as a planned shift from one, Pareto inefficient, but quasi-stable, equilibrium (or 'trap') to a new Pareto superior equilibrium which is, or is designed to become, stable too. The concept is applied to recent 'shock' stabilization programs, with special reference to Israel, where the economy was credibly shifted from a 3-digit inflationary process with considerable inertia, to relative price stability with higher real growth, at only small adjustment costs, by means of a 'heterodox' plan. This two-pronged stabilization program consisted of a substantial correction of budget and external account 'fundamentals' together with a synchronized, wage-price-exchange rate freeze. The idea is theoretically rationalized within a simple dual equilibrium inflation model, for which some econometric estimates are also given.

Economic stabilization. --- Inflation (Finance)