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Modern Exchange-rate Regimes, Stabilisation Programmes and Co-ordination of Macroeconomic Policies : Recent Experiences of Selected Developing Latin American Economies - Maria Luiza Falcao Silva

Modern Exchange-rate Regimes, Stabilisation Programmes and Co-ordination of Macroeconomic Policies

Recent Experiences of Selected Developing Latin American Economies

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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. The recent theoretical literature dealing with the rules vs discretion debate and its interaction with the credibility issue is reviewed. This topic is intrinsically related to the dispute over the appropriate role of exchange-rate anchors in disinflation programmes. Against a background of academic dispute between advocates of exchange-rate prescriptions and monetary conceptions, the contrasting views of different theorists regarding the choice of exchange rate regimes are presented and assessed. Finally, a comparative analysis of recent experiments in Argentina, Brazil, Chile and Mexico with exchange-rate based disinflation stabilization programmes is undertaken. The problems that have arisen while establishing new institutional arrangements, such as new currency or a policy rule for monetary base creation, are examined.

Introduction
Origins and functioning of modern exchange-rate regimes
Systemic asymmetries inherent in the international monetary systems
Monetary vs. exchange-rate targeting: revisiting the rules vs. discretion debate
Exchange-rate regimes: conceptual monetary differences and contrasting views
The dilemma of selected Latin American countries facing stabilization programmes
The International financial system
Concluding remarks
Bibliography
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9781840149197
ISBN-10: 1840149191
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 350
Published: December 1999
Country of Publication: GB
Dimensions (cm): 15.9 x 22.3  x 2.54
Weight (kg): 0.61