The Portuguese Disinflation Process: Analysis of Some Costs and Benefits
Tóm tắt
This study aims to analyse the Portuguese economic policy of disinflation through a nominal stabilization policy of the Portuguese escudo. We study the pegging of the Portuguese escudo to the deutschmark knowing the reputation of the Bundesbank for its anti-inflationary record. The acceptance of German monetary policy allowed the Portuguese economy to achieve its primary goal of price stability. The nominal stability policy of the escudo may serve as an example for other small economies that may be presently involved in the European integration process such as the Czech Republic, Estonia, Hungary, Poland and Slovenia.
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