Bolivia: Hyperinflation, stabilisation, and beyond

Abstract

This article argues that the Bolivian hyperinflation of 1984–85 was fundamentally rooted in problems of external finance and distributional conflict and shows how the New Economic Policy (NEP) addressed these issues with an orthodox approach that attracted the support of international lending institutions and shifted the balance of power away from labour. Along the way, I conduct an econometric investigation of the proximate determinants of inflation in both the hyperinflationary and post‐inflation periods. I close by considering current and future problems in the Bolivian macroeconomy.

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