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 173
... ERBSP versus MBERP . According to his work , the stylised facts emphasised in this literature are : when the stabilisation implemented is an ERBSP there is an initial output expansion followed by a contraction1 but , with MBSP , in ...
... ERBSP versus MBERP . According to his work , the stylised facts emphasised in this literature are : when the stabilisation implemented is an ERBSP there is an initial output expansion followed by a contraction1 but , with MBSP , in ...
Page 175
... ERBSP , regardless of resembling the orthodox approach described by Agénor and Montiel ( 1996 ) , differ from the old version in several ways , and present significant differences among themselves . i . ii . There are at least three ...
... ERBSP , regardless of resembling the orthodox approach described by Agénor and Montiel ( 1996 ) , differ from the old version in several ways , and present significant differences among themselves . i . ii . There are at least three ...
Page 176
... ERBSP recently implemented in Latin America , will be briefly qualified to permit a better evaluation of the differences among the programmes . As will become clear , ERBSP come in two ways : either a truly nominal fixed exchange - rate ...
... ERBSP recently implemented in Latin America , will be briefly qualified to permit a better evaluation of the differences among the programmes . As will become clear , ERBSP come in two ways : either a truly nominal fixed exchange - rate ...
Contents
Origins and Functioning of Modern ExchangeRate Regimes | 8 |
Systemic Asymmetries Inherent in the International | 59 |
Revisiting the Rules | 96 |
Copyright | |
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Common terms and phrases
According analysis Argentina argued argument balance of payments Banco band behaviour Bordo Brazil Brazilian Bretton Woods system Calvo capital inflows central bank changes Chapter Chile credibility crises currency board debt deficit devaluation developing countries discretionary discussion disinflation dollar domestic currency economists economy effects Eichengreen equilibrium ERBSP exchange-rate arrangements exchange-rate policy exchange-rate regimes exchange-rate-based expectations experience exports external Figure fiscal policy fixed exchange rate fixed exchange-rate flexibility floating exchange rates flows fluctuations foreign reserves fundamentals global gold standard growth ibid implemented important increase inflation rates interest rates International Monetary Fund international monetary system investment issue Keynes Krugman Latin American countries liquidity long-run macroeconomic markets MERCOSUR Mexico monetary authorities monetary base monetary policy money supply neutral nominal anchor non-neutral overvaluation parity percent period peso policymakers Post Keynesian problem real exchange rate rules sector shocks short-run speculative attacks stabilisation programmes stability sterilisation target 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 |