Modern Exchange-rate Regimes, Stabilisation Programmes and Co-ordination of Macroeconomic Policies: Recent Experiences of Selected Developing Latin American Economies
Published in 1999, this work analyzes the phenomenon of macroeconomic adjustment, with special emphasis on selected Latin American countries facing stabilization programmes. It provides a historical description of the origins, functioning and collapse of exchange-rate regimes from the international classical gold standard period to modern arrangements. The author supports the argument that systemic asymmetries in the worldwide adjustment mechanism are inherent in the international monetary system. The recent theoretical literature dealing with the rules vs discretion debate and its interaction with the credibility issue is reviewed. This topic is intrinsically related to the dispute over the appropriate role of exchange-rate anchors in disinflation programmes. Against a background of academic dispute between advocates of exchange-rate prescriptions and monetary conceptions, the contrasting views of different theorists regarding the choice of exchange rate regimes are presented and assessed. Finally, a comparative analysis of recent experiments in Argentina, Brazil, Chile and Mexico with exchange-rate based disinflation stabilization programmes is undertaken. The problems that have arisen while establishing new institutional arrangements, such as new currency or a policy rule for monetary base creation, are examined.
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Britain, however, managed to preserve in trade with her Empire a position of total
supremacy, where she maintained a virtual export monopoly. It had become a
question of vital importance for her to be able to retain that position, since she
Recent Experiences of Selected Developing Latin American Economies Maria
Luiza Falc„o Silva. Britain managed to preserve a monopoly in the Empire
apparently through a system of non-tariff protection, which was not too difficult to
Labour productivity grew from 1890 to 1907 at an annual rate of 2 percent in the
United States, but only of 0.1 percent in Britain. Britain demonstrated, according
to De Cecco's (1974) analysis, drawing on figures calculated by Maizels (1963), ...
The search for new sources of liquidity, even after discoveries of new mines in
the middle of the nineteenth century, certainly affected Great Britain since it had
dominated the world economy as the strongest trading nation, largest exporter of
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Systemic Asymmetries Inherent in the International
Monetary vs ExchangeRate Targeting
The Dilemma of Selected Latin American Countries Facing
The International Financial System