Modern Exchange-rate Regimes, Stabilisation Programmes and Co-ordination of Macroeconomic Policies: Recent Experiences of Selected Developing Latin American Economies
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.
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Origins and Functioning of Modern ExchangeRate Regimes
Systemic Asymmetries Inherent in the International
Revisiting the Rules
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According adjustment analysis Argentina argues argument assets Author's elaboration band behaviour Brazil Brazilian Bretton Woods Bretton Woods system Calvo capital inflows central bank Chapter Chile credibility crises currency boards current account debt deficit devaluation developing countries discretionary discussion disinflation dollar domestic currency economy effects Eichengreen equilibrium ERBSP exchange-rate arrangements exchange-rate policy exchange-rate regimes exchange-rate-based expectations experience exports Figure fixed exchange rate fixed exchange-rate floating exchange rates flows fluctuations foreign capital foreign reserves fundamentals global globalisation gold standard growth ibid implemented important increase inflation rate integration interest rates investment issue Krugman Latin American countries liberalisation liquidity long-run macroeconomic MERCOSUR Mexican crisis Mexico monetary authorities monetary base monetary policy monetary system money supply nominal anchor overvaluation parity percent period peso policymakers problem real exchange rate recent rules sector short-run speculative attacks stabilisation policies stabilisation programmes stability sterilisation target target bands theorists trade volatility