Triple digit inflation poses the greatest threat to the economic prospects and to the political cohesion of Argentina, Brazil, and Israel. All three countries have extensive indexation, including linkage of wages to the inflation rate. This report discusses questions such as: What strategy offers the best hope for controlling inflation in each of these cases? Is deindexation necessary to curb inflation and how might it be achieved? What can be learned from previous attempts at monetary reform and deindexation? Now available directly from: IIE 11 Dupont Circle, NW Washington, DC 20036 Tel: (202) 328-9000