Search citation statements
Paper Sections
Citation Types
Year Published
Publication Types
Relationship
Authors
Journals
ResumenAunque el fin de los acuerdos de Bretton Woods inauguró la era de los tipos de cambio flotantes, el mundo muestra en la actualidad una diversidad de arreglos cambiarios. Las alternativas cambiarias extremas no son una panacea. Los regímenes de flotación administrada son una herramienta sensata de política económica. El tipo de cambio fue una pieza crucial en los programas heterodoxos de estabilización y de fijación total implementados en América Latina en las décadas de los ochenta y los noventa. A partir de los años 2000, la región se ha movido hacia una mayor flexibilidad cambiaria. Estas economías experimentaron los dilemas derivados del miedo a flotar y posteriormente del miedo a apreciar. La flotación con metas de inflación está en boga, pero los países también acuden a la intervención cambiaria. La apreciación de las monedas locales y la falta de flexibilidad cambiaria han sido factores adversos para estas economías. Palabras clave: tipos de cambio, arreglos monetarios internacionales, macroeconomía de economías abiertas, impactos económicos de la globalización. JEL: B22, E42, F02, F43. Exchange Rate Regimes in Latin AmericaAbstract Although the end of the Bretton Woods agreements inaugurated the era of floating exchange rates, the world currently displays a variety of exchange arrangements. Extreme exchange rate alternatives are not a panacea. Managed floating regimes are a sensible economic policy tool. The exchange rate was a crucial element in the heterodox stabilization and total fixation programs implemented in Latin America in the 1980s and 1990s. Since the 2000s, the region has moved towards greater exchange rate flexibility. These economies experienced the dilemmas derived from the fear of floating and, later, from the fear of appreciation. Floating cum inflation targeting is in vogue, but
ResumenAunque el fin de los acuerdos de Bretton Woods inauguró la era de los tipos de cambio flotantes, el mundo muestra en la actualidad una diversidad de arreglos cambiarios. Las alternativas cambiarias extremas no son una panacea. Los regímenes de flotación administrada son una herramienta sensata de política económica. El tipo de cambio fue una pieza crucial en los programas heterodoxos de estabilización y de fijación total implementados en América Latina en las décadas de los ochenta y los noventa. A partir de los años 2000, la región se ha movido hacia una mayor flexibilidad cambiaria. Estas economías experimentaron los dilemas derivados del miedo a flotar y posteriormente del miedo a apreciar. La flotación con metas de inflación está en boga, pero los países también acuden a la intervención cambiaria. La apreciación de las monedas locales y la falta de flexibilidad cambiaria han sido factores adversos para estas economías. Palabras clave: tipos de cambio, arreglos monetarios internacionales, macroeconomía de economías abiertas, impactos económicos de la globalización. JEL: B22, E42, F02, F43. Exchange Rate Regimes in Latin AmericaAbstract Although the end of the Bretton Woods agreements inaugurated the era of floating exchange rates, the world currently displays a variety of exchange arrangements. Extreme exchange rate alternatives are not a panacea. Managed floating regimes are a sensible economic policy tool. The exchange rate was a crucial element in the heterodox stabilization and total fixation programs implemented in Latin America in the 1980s and 1990s. Since the 2000s, the region has moved towards greater exchange rate flexibility. These economies experienced the dilemmas derived from the fear of floating and, later, from the fear of appreciation. Floating cum inflation targeting is in vogue, but
Inter-American Development Bank. This work is licensed under a Creative Commons IGO 3.0 AttributionNonCommercial-NoDerivatives (CC-IGO BY-NC-ND 3.0 IGO) license (http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ legalcode) and may be reproduced with attribution to the IDB and for any non-commercial purpose. No derivative work is allowed.Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license.Note that link provided above includes additional terms and conditions of the license.The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent.http://www.iadb.org 2016 1 Abstract * Capital flows have been the subject of acute policy concern since the Brady plan launched the emerging markets bond asset class. Their massive volume, coupled with their volatile and procyclical nature, is often associated with a variety of financial and real risks, which have changed over time. While emerging market crises in the 1990s and 2000s were inherently driven by financial dollarization and balance sheet effects, financial dollarization has receded in emerging markets and the focus has shifted to the macroeconomic effects of cross-market flows, including extended periods of exchange rate misalignment and the amplification of business cycles in a context of large and persistent terms-of-trade shocks and global liquidity swings. These conditions make it difficult to evaluate capital flows based on data mostly from the 1990s and early 2000s, and recent empirical literature is reviewed that revisits the issue with fresh data and an open mind. JEL classifications: E44, F30, F65, G15
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.