Modern Exchange-rate Regimes, Stabilisation Programmes and Co-ordination of Macroeconomic Policies: Recent Experiences of Selected Developing Latin American EconomiesPublished 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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... Domestic Currency (Apr 1991-Dec 1996) Argentina: Evolution of Bank Deposits (Dec 1994- Sep 1995) Argentina: Evolution of Real Interest Rates (Jan 1994-Mar 1996) Argentina: Real Exchange Rates (Jan 1991 - Dec 1996) Argentina: Real Rate ...
... domestic or external debt. There are, and this book does not seek to demonstrate otherwise, undeniable economic benefits from international financial liberalisation. First, it aids the growth of international trade and enables more ...
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Contents
Introduction | |
Origins and Functioning of Modern ExchangeRate Regimes | |
Systemic Asymmetries Inherent in the International | |
Monetary vs ExchangeRate Targeting | |
ExchangeRate Regimes | |
The Dilemma of Selected Latin American Countries Facing | |
The International Financial System | |
Concluding Remarks | |
Bibliography | |