Abstract:Thanks to lessons learned and reforms implemented after the financial crises of the late 1990s, most emerging market economies proved relatively resilient to the 2008 global crisis. Yet to cope with the turbulence that ensued, several interventions by monetary authorities in foreign exchange and capital markets were carried out. The literature on Latin American financial systems and central bank reform tends to emphasize international actors and pressures as key determinants of policy change. In contrast, this… Show more
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