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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Results 1-5 of 85
... Trade in Visible Goods Balance (Jan 1991 - Nov 1996) Figure 5.9 Argentina: Evolution of Inflation Rates (Jan 1971- Oct 1996) Figure 5.10 Brazil: Monthly Inflation and Recent Stabilisation Programmes (1985-1996) Figure 5.11 Brazil ...
... (Jan 1992 - Mar 1996) Figure 5.29 Mexico: Real Exchange Rates (Jan 1992 - Mar 1996) Figure 5.30 Mexico: Trade in Visible Goods (Jan 1989 - Jan 1997) Figure 5.31 Mexico: Quarterly GDP Growth (1990-1995) Figure 5.32 Chile:
... Trade Balance, Current Account, Capital Inflow (1975-1995) Figure 5.38 Chile:Inflation Rate (1969-1995) Figure 6.1 MERCOSUR: Inflation Rates of Member Countries (Dec 1991 - May 1997) Figure 6.2 MERCOSUR: Real Exchange-Rates (Jan 1991 ...
... trade deficits are manageable, and there is no explosion in the stock of domestic or external debt. There are, and this book does not seek to demonstrate otherwise, undeniable economic benefits from international financial ...
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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 | |