01860cas a2200253 a 4500 AALejournalIMF000389 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451849691 1018-5941 BD-DhAAL BD-DhAAL Detragiache, Enrica. Exchange Rate-Based Stabilization in Western Europe : Greece, Ireland, Italy and Portugal / Enrica Detragiache, A. Hamann. Washington, D.C. : International Monetary Fund, 1997. 1 online resource (29 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper compares the experience with exchange-rate-based stabilization (ERBS) of four Western European countries with that of high-inflation developing countries. In general, the behavior of key macroeconomic variables-inflation, output, demand, the real exchange rate and the current account-in the four countries examined did not correspond to the pattern observed in developing countries, although some resemblance to this pattern could be found in Italy in 1987-92 and Greece in 1994-96. The experience with ERBS in Western Europe highlights the importance of incomes policy as an ingredient of a successful stabilization program and shows that the adoption of a looser anchor does not necessarily reduce the output cost of disinflation. Mode of access: Internet Hamann, A. IMF Working Papers; Working Paper ; No. 1997/075 Full text available on IMF http://elibrary.imf.org/view/journals/001/1997/075/001.1997.issue-075-en.xml IMF e-Library