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通货膨胀的破坏力

坎布里奇—上周我在阿根廷的时候,领教了高通胀的破坏力。眼下阿根廷年通胀率在20%左右,而去年估算的通胀率有40%左右。阿根廷央行竭尽全力让经济去通胀,目标是三年后实现5%的通胀率。

阿根廷通胀在过去要高得多。在1975年到1990年的15年中,年通胀率高达300%,这意味着平均每过几个月物价水平就要翻番。1989年,物价上涨年率暴增至1,000%,此后通胀终于受到控制。

事实上,通胀基本消失了。我记得20世纪90年代中期在阿根廷时基本上没有通胀。当时,阿根廷比索盯准美元,两种货币在布宜诺斯艾利斯街头平行流通。

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