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Why do governments choose the exchange rate policies they do? How do economic and political factors affect these policies? The Currency Game addresses these and other questions by examining the range of potential determinants of exchange rate choices by Latin American governments. While purely economic factors are of course important to these choices--especially economic structure, trade patterns, and exogenous economic conditions--the book focuses on the political economy considerations that have typically been underrepresented in the literature. These include the effects of interest groups, electoral competition, and the timing of elections on exchange rate decisions. The book features a cross-country analysis of national exchange rate policies, as well as case studies of Argentina, Brazil, Chile, Colombia and Peru.
After decades using monetary aggregates as the main instrument of monetary policy and having different varieties of crawling peg exchange rate regimes, Colombia adopted a full-fledged inflation-targeting (IT) regime in 1999, with inflation as the nominal anchor, a floating exchange rate, and the short-term interest rate as the main instrument. This paper examines the experience of the Colombian Ce ... (View publication)
Regional integration initiatives have long been part of the world economic lanscape. In Latin America, integration flourished in the early post-war era but then lost momentum until the 1990s, when there was a new wave of initiatives ranging from free trade areas to customs unions. This Report examines such dimensions of integration as market access, institutional arrangements, regional infraestruc ... (View publication)
What are the sources of structural volatility in Latin America? To address this question, Macroeconomic Volatility in Reformed Latin America focuses on the factors responsible for macroeconomic instability in three Latin American economies: Argentina, Mexico, and Chile. It finds that volatility in these countries can largely be traced to two critical weaknesses: weak links with international finan ... (View publication)
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