Peru’s Monetary System Would Not Work in Venezuela
Venezuela’s National Assembly is actively debating how to end the world’s highest inflation rate and retire the bolivar, the world’s worst-performing currency. One of us is advising that debate directly. Naturally, during the past few weeks, the discussion about how to kill Venezuela’s inflation, the world’s highest, and what to do with the bolivar, the world’s worst-performing currency, has heated up.
Some Venezuelans have argued that the most desirable option to solve the bolivar-inflation problem would be to adopt the Peruvian system. While this system has performed well in Peru, it is the product of a unique set of circumstances that are not exportable. It would not work in Venezuela. Indeed, the idea that the adoption of Peru’s system would solve Venezuela’s monetary problems is not only mistaken, but dangerous.
Why do people advocate the Peruvian system? Because it is one of the few Latin American
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