Hyperinflation in a small open economy with a fixed exchange rate: A post Keynesian view

References

• Alexiou, C. “A Keynesian-Kaleckian Model of Investment Determination: A Panel Data Investigation.” Journal of Post Keynesian Economics, 2010, 32 (3), 427–443.
   Web of Science ®Google Scholar
• Blecker, R.A. “Open Economy Models of Distribution and Growth.” In E. Hein and E. Stockhammer (eds.), A Modern Guide to Keynesian Macroeconomics and Economic Policies. Cheltenham: Elgar, 2011, pp. 215–239.
   Google Scholar
• Bresciani-Turroni, C. The Economics of Inflation. 3rd ed. Northampton: John Dickens, 1968. [Originally published in 1931.]
   Google Scholar
• Broadberry, S., and Ritschl, A. “Real Wages, Productivity, and Unemployment in Britain and Germany During the 1920s.” Explorations in Economic History, 1995, 32 (2), 327–349.
   Web of Science ®Google Scholar
• Bruno, M.; Di Tella, G.; Dornbusch, R.; and Fischer, S. Inflation Stabilization: The Experience of Israel, Argentina, Brazil, Bolivia and Mexico. Cambridge, MA: MIT Press, 1988.
   Google Scholar
• Burdekin, R.C.K., and Burkett, P. “Hyperinflation, the Exchange Rate and Endogenous Money: Post–World War I Germany revisited.” Journal of International Money and Finance, 1996, 15 (4), 599–621.
   Web of Science ®Google Scholar
• Cagan, P. “The Monetary Dynamics of Hyperinflation.” In M. Friedman (ed.), Studies in the Quantity Theory of Money. Chicago: University of Chicago Press, 1956, pp. 25–117.
   Google Scholar
• Câmara, A., and Vernengo, M. “The German Balance of Payment School and the Latin American Neo-Structuralists.” In L.P. Rochon and M. Vernengo (eds.), Credit, Interest Rates and the Open Economy. Cheltenham: Elgar, 2001, pp. 143–159.
   Google Scholar
• Cardoso, E.A. “Food Supply and Inflation.” Journal of Development Economics, 1981, 8 (3), 269–284.
   Web of Science ®Google Scholar
• Carvalho, F.J. “A Post Keynesian Approach to Inflation, High Inflation and Hyperinflation.” In P. Davidson and J.A. Kregel (eds.), Economic Problems of the 1990s. Cheltenham: Elgar, 1991, pp. 69–84.
   Google Scholar
• ———. “Strato-Inflation and High Inflation: The Brazilian Experience.” Cambridge Journal of Economics, 1993, 17 (1), 63–78.
   Web of Science ®Google Scholar
• Cassetti, M. “Bargaining Power, Effective Demand and Technical Progress: A Kaleckian Model of Growth.” Cambridge Journal of Economics, 2003, 27 (3), 449–464.
   Web of Science ®Google Scholar
• Charles, S. “Corporate Debt, Variable Retention Rate and the Appearance of Financial Fragility.” Cambridge Journal of Economics, 2008, 32 (5), 781–795.
   Web of Science ®Google Scholar
• Cordero, J.A. “A Model of Growth and Conflict Inflation for a Small Open Economy.” Metroeconomica, 2002, 53 (3), 261–289.
   Google Scholar
• ———. “Devaluation, Conflict Inflation and Endogenous Growth in a Small Open Economy.” EconoQuantum, 2004, 1 (1), 3–15.
   Google Scholar
• Dalziel, P.C. “Market Power, Inflation and Incomes Policies.” Journal of Post Keynesian Economics, 1990, 12 (3), 424–438.
   Web of Science ®Google Scholar
• Davidson, P. International Money and the Real World. 2nd ed. New York: Macmillan, 1992. [Originally published in 1982.]
   Google Scholar
• Dow, S. “International Liquidity Preference and Endogenous Credit.” In J. Deprez and J.T. Harvey (eds.), Foundations of International Economics: Post-Keynesian Perspectives. London: Routledge, 1999, pp. 153–170.
   Google Scholar
• Dutt, A.K. “Interest Rate Policies in LDCs: A Post-Keynesian View.” Journal of Post Keynesian Economics, Winter 1990–91, 13 (2), 210–232.
   Web of Science ®Google Scholar
• ———. “Conflict Inflation, Distribution, Cyclical Accumulation and Crises.” European Journal of Political Economy, 1992, 8 (4), 579–597.
   Google Scholar
• ———. “Maturity, Stagnation and Consumer Debt: A Steindlian Approach.” Metroeconomica, 2006, 57 (3), 339–364.
   Google Scholar
• Eichengreen, B., and Hausmann, R. “Exchange Rates and Financial Fragility.” Proceedings of the Economic Policy Symposium, Jackson Hole, Federal Reserve Bank of Kansas City, 1999, pp. 329–368.
   Google Scholar
• Fazzari, S.; Hubbard, G.R.; and Petersen, B.C. “Financing Constraints and Corporate Investment.” Brookings Papers on Economic Activity, 1988, 1, 141–195.
   Google Scholar
• Frenkel, R. “Decisiones de precio en alta inflación.” Desarrollo Económico, 1979, 19 (75), 291–330.
   Google Scholar
• Galbraith, J.K. “Market Structure and Stabilization Policy.” Review of Economics and Statistics, 1957, 31, 124–133.
   Web of Science ®Google Scholar
• Hein, E. “Interest Rate, Debt, Distribution and Capital Accumulation in a Post-Kaleckian Model.” Metroeconomica, 2007, 58 (2), 310–339.
   Google Scholar
• Heymann, D. “From Sharp Disinflation to Hyperinflation, Twice: The Argentine Experience, 1985–1989.” In M. Bruno S. Fischer E. Helpman and N. Liviatan (eds.), Lessons of Economic Stabilization and Its Aftermath, Cambridge, MA: MIT Press, 1991, pp. 103–130.
   Google Scholar
• International Monetary Fund. “World Economic Outlook Database.” Washington, DC, September 2011 (available at www.imf.org/external/pubs/ft/weo/2011/02/weodata/index.aspx).
   Google Scholar
• Kaldor, N. The Scourge of Monetarism. Oxford: Oxford University Press, 1982.
   Google Scholar
• Kalecki, M. “A Model of Hyperinflation.” Manchester School of Economics and Social Studies, 1962, 30, 275–281.
   Google Scholar
• ———. Selected Essays on the Dynamics of Capitalist Economy. Cambridge: Cambridge University Press, 1971.
   Google Scholar
• Kiguel, M.A., and Liviatan, N. “When Do Heterodox Stabilization Programs Work?. Lessons from Experience.” World Bank Research Observer, 1992, 7 (1), 35–57.
   Google Scholar
• Kolodko, G.W.; Gotz-Kozierkiewicz, D.; and Skrzeszewska-Paczek, E. Hyperinflation and Stabilization in Postsocialist Economies. Boston: Kluwer Academic, 1992.
   Google Scholar
• Lavoie, M. Foundations of Post-Keynesian Analysis. Aldershot: Elgar, 1992.
   Google Scholar
• Lima, G.T., and Meirelles, A.J.A. “Endogenous Banking Mark-up, Distributional Conflict and Capacity Utilization.” Metroeconomica, 2003, 54 (2–3), 366–384.
   Google Scholar
• ———. “Macrodynamics of Debt Regimes, Fnancial Instability and Growth.” Cambridge Journal of Economics, 2007, 31 (4), 563–580.
   Web of Science ®Google Scholar
• Ndikumana, L. “Debt Service, Financing Constraints and Fixed Investment: Evidence from Panel Data.” Journal of Post Keynesian Economics, 1999, 21 (3), 455–478.
   Web of Science ®Google Scholar
• Noyola Vázquez, J.F. “El desarrollo económico y la inflación en Mexico y otros países latinoamericanos.” Investigación Económica, 1956, 16 (4), 161–177.
   Google Scholar
• Ocampo, J.A. “Una evaluación comparativa de cuatro planes antiinflacionarios recientes.” El Trimestre Económico, 1987, 54, 7–54.
   Google Scholar
• Olivera, J.H.G. “Aspectos dinámicos de la inflación estructural.” Desarrollo Económico, 1967, 7 (27), 261–266.
   Google Scholar
• Oreiro, J.L. “Capital Mobility, Real Exchange Rate Appreciation, and Asset Price Bubbles in Emerging Economies: A Post Keynesian Macroeconomic Model for a Small Open Economy.” Journal of Post Keynesian Economics, 2005–6, 28 (2), 317–344.
   Web of Science ®Google Scholar
• Pastor, M. “Bolivia: Hyperinflation, Stabilisation, and Beyond.” Journal of Development Studies, 1991, 27 (2), 211–237.
   Web of Science ®Google Scholar
• Porcile, G.; de Souza, A.G.; and Viana, R. “External Debt Sustainability and Policy Rules in a Small Globalized Economy.” Structural Change and Economic Dynamics, 2011, 22 (3), 269–276.
   Google Scholar
• Ravenna, F., and Walsh, C.E. “Optimal Monetary Policy with the Cost Channel.” Journal of Monetary Economics, 2006, 53 (2), 199–216.
   Web of Science ®Google Scholar
• Robinson, J. Essays in the Theory of Economic Growth. London: Macmillan, 1962.
   Google Scholar
• ———. “The Economics of Hyperinflation.” In Collected Economic Papers. Vol. 1. Oxford: Basil Blackwell, 1951, pp. 69–77.
   Google Scholar
• Rowthorn, R.E. “Conflict, Inflation and Money.” Cambridge Journal of Economics, 1977, 1 (3), 215–229.
   Web of Science ®Google Scholar
• Sunkel, O. “Inflation in Chile: An Unorthodox Approach.” International Economic Papers, 1960, 10, 107–131.
   Google Scholar
• Susjan, A., and Lah, M. “Inflation in the Transition Economies: The Post-Keynesian View.” Review of Political Economy, 1997, 9 (4), 381–393.
   Google Scholar
• Taylor, L. Structuralist Macroeconomics. New York: Basic Books, 1983.
   Google Scholar
• ———. Reconstructing Macroeconomics: Structuralists Proposals and Critiques of the Mainstream. Cambridge, MA: Harvard University Press, 2004.
   Google Scholar
• Vera, L. “Conflict Inflation: An Open Economy Approach.” Journal of Economic Studies, 2010, 37 (6), 597–615.
   Google Scholar
• Vernengo, M. “Balance of Payments Constraint and Inflation.” Department of Economic of University of Utah Working Paper Series, May 2003, 6.
   Google Scholar
• Weintraub, S. Capitalism’s Inflation and Unemployment Crises. Reading, MA: Addison-Wesley, 1978.
   Google Scholar