Modern Exchange-rate Regimes, Stabilisation Programmes and Co-ordination of Macroeconomic Policies: Recent Experiences of Selected Developing Latin American EconomiesThis 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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Page 77
... domestic currency , with constant world prices , favoured the wage earners , since wages were relatively sticky in paper currency , and increased the real burden of a given paper debt for landowners . Accordingly , it is nor surprising ...
... domestic currency , with constant world prices , favoured the wage earners , since wages were relatively sticky in paper currency , and increased the real burden of a given paper debt for landowners . Accordingly , it is nor surprising ...
Page 178
... currency boards remain an unattractive option for the great majority of countries . Further , since a currency board must be able to exchange domestic currency for the reserve currency on demand , the amount of currency in circulation ...
... currency boards remain an unattractive option for the great majority of countries . Further , since a currency board must be able to exchange domestic currency for the reserve currency on demand , the amount of currency in circulation ...
Page 272
... domestic interest rates , embodied in the case studies presented in the previous chapter . Relatively high domestic interest rates induce banks to incur open foreign - exchange positions by financing local - currency lending with ...
... domestic interest rates , embodied in the case studies presented in the previous chapter . Relatively high domestic interest rates induce banks to incur open foreign - exchange positions by financing local - currency lending with ...
Contents
Introduction | 1 |
Origins and Functioning of Modern ExchangeRate Regimes | 51 |
Systemic Asymmetries Inherent in the International | 59 |
Copyright | |
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Common terms and phrases
adjustment analysis Argentina argues argument assets Author's elaboration balance of payments band behaviour Brazil Brazilian Bretton Woods Bretton Woods system Calvo capital inflows capital mobility central bank Chapter Chile credibility crises currency boards debt deficit devaluation developing countries discretionary discussion disinflation dollar domestic currency economy effects Eichengreen equilibrium ERBSP exchange-rate arrangements exchange-rate regimes exchange-rate-based expectations experience exports external shocks Figure fixed exchange rate fixed exchange-rate flexibility floating exchange rates flows fluctuations foreign capital foreign reserves fundamentals global globalisation gold standard growth ibid implemented important increase inflation rate integration interest rates international monetary investment issue Krugman Latin American countries liberalisation 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 rules sector short-run speculative attacks stabilisation policies stabilisation programmes stability sterilisation target target bands theorists volatility
References to this book
Vietnam's Economic Transition: Policies, Issues and Prospects Thi Nhiem Phan,Charles Harvie,Van Hoa Tran No preview available - 2006 |