Download or read book Impact of the Exchange Rate Regime on Central American Economies written by Ghislain Moncharmont and published by LAP Lambert Academic Publishing. This book was released on 2014-03-13 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debate about the choice of exchange rate regimes for developing countries has occupied a central stage in macroeconomic policy since the creation of the Bretton-Woods system back in 1944. Most importantly, the increased unofficial dollarization in Central America has determined the preference of exchange regimes by the regional monetary authorities. Since the regulation of monetary and financial markets in Central America, countries of the region have been impacted by a dramatic economic and financial crisis, which has been translated into long periods of inflation and sluggish growth of aggregate demand. In this context, governments have been motivated to migrate from flexible regimes towards a fixed regime (in some cases, hard peg). The argument is that this shift might led to enhance macroeconomic stability and reduced inflationary pressures.
Download or read book The Macroeconomy of Central America written by R. Rennhack and published by Springer. This book was released on 2004-08-24 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Opportunities for growth and investment in Central America could well improve in the coming years, as the region's ties with the world economy grow closer. This integration, however, also presents important challenges for economic policy to ensure that growth can be sustained and can benefit the poor. This book stresses the importance of keeping fiscal policy on a sustainable path, strengthening public investment in basic infrastructure and primary health care and primary and secondary education, and managing the risks associated with partial dollarization.
Download or read book Studies in the Economics of Central America written by V. Bulmer-Thomas and published by Springer. This book was released on 1988-06-18 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study explaining how the social upheavals which led to the Nicaraguan revolution and the civil wars in El Salvador and Guatemala were rooted in the export-led model followed in the region. The author also explores their efforts to achieve regional co-operation in the economic sphere.
Download or read book Determinants of the Choice of Exchange Rate Regimes in Six Central American Countries written by Mr.Michael G. Papaioannou and published by International Monetary Fund. This book was released on 2003-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines whether decisions about the appropriate exchange rate regime in six Central American countries were based on longer-run economic fundamentals or on the confluence of historical and political circumstances. To uncover any actual relationship both across countries and across time, we estimate several probit and multinomial logit models of exchange rate regime choice with data spanning the period 1974-2001. We find that theoretical long-run determinants, such as trade openness, export share with the major trading partner, economic size, and per capita income, are adequate, but not robust, predictors of exchange rate regime choice. However, we were not able to establish a statistically significant association between the terms of trade fluctuations or capital account openness and a particular regime in any specification using our sample.
Download or read book Central America written by George Irvin and published by Routledge. This book was released on 2019-04-09 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses selected aspects of reconstructing Central American's industrial and trading system. Special attention is given to the role of the European Community in regional reconstruction and integration and analyzes the economic legacy of the 1980s and the impact of adjustment policy. .
Download or read book Exchange Rate Politics in Latin America written by Carol Wise and published by Rowman & Littlefield. This book was released on 2011-03-01 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most of the analysis of Latin American exchange rate problems and policies has concentrated on the economic side of things. This volume instead examines the politics of exchange rate management in four nations that had very different approaches and results. Although the Mexican peso crash, Brazil's currency crisis, Argentina's maintenance of a currency board, and Venezuelan policy responses to the shocks of 1997-98 have had major international financial ramifications, the origins and outcomes of these dramatic events have yet to be analyzed in a single volume. The contributors tie these policy episodes together using solid comparative analysis, in order to better inform the policy debate on these issues.
Download or read book Economic Maladjustment in Central America written by Wim Pelupessy and published by Springer. This book was released on 1992-12-18 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Modern Exchange rate Regimes Stabilisation Programmes and Co ordination of Macroeconomic Policies written by Maria Luiza Falcão Silva and published by Routledge. This book was released on 2018-08-17 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1999, 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.
Download or read book The Currency Game written by Jeffry A. Frieden and published by IDB. This book was released on 2001 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Written by a distinguished group of economists and political scientists from around the hemisphere, the essays in this book include analytical perspectives, a cross-national statistical study, and a series of detailed country studies ... [and bring an] important new theoretical insights and epmpirical evidence to that debate in order to best address a policy issue critical to the future of Latin American development"--Preface.
Download or read book Volatile Capital Flows written by Ricardo Hausmann and published by IDB. This book was released on 1996 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Foreign Exchange Intervention in Inflation Targeters in Latin America written by Mr.Marcos d Chamon and published by International Monetary Fund. This book was released on 2019-02-28 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is widely used as a policy tool, particularly in emerging markets, but many facets of this tool remain limited, especially in the context of flexible exchange rate regimes. The Latin American experience can be informative because some of its largest countries adopted floating exchange rate regimes and inflation targeting while continuing to intervene in foreign exchange markets. This edited volume reviews detailed accounts from several Latin American countries’ central banks, and it provides insight into how and with what aim many interventions were decided and implemented. This book documents the effectiveness of intervention and pays special attention to the role of foreign exchange intervention policy within inflation-targeting monetary frameworks. The main lesson from Latin America’s foreign exchange interventions, in the context of inflation targeting, is that the region has had a considerable degree of success. Transparency and a clear communication policy have been key. For economies that are not highly dollarized, rules-based intervention helped contain financial instability and build international reserves while preserving inflation targets. The Latin American experience can help other countries in the design and implementation of their policies.
Download or read book Currency Politics written by Jeffry A. Frieden and published by Princeton University Press. This book was released on 2014-12-28 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The politics surrounding exchange rate policies in the global economy The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity. Despite the critical role of exchange rate policy, there are few definitive explanations of why governments choose the currency policies they do. Filled with in-depth cases and examples, Currency Politics presents a comprehensive analysis of the politics surrounding exchange rates. Identifying the motivations for currency policy preferences on the part of industries seeking to influence politicians, Jeffry Frieden shows how each industry's characteristics—including its exposure to currency risk and the price effects of exchange rate movements—determine those preferences. Frieden evaluates the accuracy of his theoretical arguments in a variety of historical and geographical settings: he looks at the politics of the gold standard, particularly in the United States, and he examines the political economy of European monetary integration. He also analyzes the politics of Latin American currency policy over the past forty years, and focuses on the daunting currency crises that have frequently debilitated Latin American nations, including Mexico, Argentina, and Brazil. With an ambitious mix of narrative and statistical investigation, Currency Politics clarifies the political and economic determinants of exchange rate policies.
Download or read book How Do Exchange Rate Regimes Affect Firms Incentives to Hedge Currency Risk Micro Evidence for Latin America written by Herman Kamil and published by International Monetary Fund. This book was released on 2012-03-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a unique dataset with information on the currency composition of firms' assets and liabilities in six Latin-American countries, I investigate how the choice of exchange rate regime affects firms' foreign currency borrowing decisions and the associated currency mismatches in their balance sheets. I find that after countries switch from pegged to floating exchange rate regimes, firms reduce their levels of foreign currency exposures, in two ways. First, they reduce the share of debt contracted in foreign currency. Second, firms match more systematically their foreign currency liabilities with assets denominated in foreign currency and export revenues--effectively reducing their vulnerability to exchange rate shocks. More broadly, the study provides novel evidence on the impact of exchange rate regimes on the level of un-hedged foreign currency debt in the corporate sector and thus on aggregate financial stability.
Download or read book Changes in Exchange Rates in Rapidly Developing Countries written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-12-01 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: The exchange rate is a crucial variable linking a nation's domestic economy to the international market. Thus choice of an exchange rate regime is a central component in the economic policy of developing countries and a key factor affecting economic growth. Historically, most developing nations have employed strict exchange rate controls and heavy protection of domestic industry-policies now thought to be at odds with sustainable and desirable rates of economic growth. By contrast, many East Asian nations maintained exchange rate regimes designed to achieve an attractive climate for exports and an "outer-oriented" development strategy. The result has been rapid and consistent economic growth over the past few decades. Changes in Exchange Rates in Rapidly Developing Countries explores the impact of such diverse exchange control regimes in both historical and regional contexts, focusing particular attention on East Asia. This comprehensive, carefully researched volume will surely become a standard reference for scholars and policymakers.
Download or read book The Economies of Latin America written by Cesar Rodriguez and published by Walter de Gruyter GmbH & Co KG. This book was released on 2021-09-20 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: While Latin America accounts for approximately 7 percent of the world economy, easily accessible information on the economies of the region is not always easy to find. The existing literature on Latin American economics usually assumes some previous familiarity with the region and is focused on government policy choices. The Economies of Latin America is a book for the general reader needing a quick introduction to the economics of the region. The book is composed of three parts: the first explains Latin America’s economic history and a description of the central economic challenges of the region. The second offers country-specific details. The final part deals with the economic future of the region where the authors put forth a Latin American version of success. This book is a useful, in-depth introduction for students of Latin American economics as well as the general reader.
Download or read book Exchange Rate Policy the Real Exchange Rate and Inflation written by Miguel Alberto Kiguel and published by World Bank Publications. This book was released on 1992 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book An Introduction to Latin American Economics written by Scott McKinney and published by Springer Nature. This book was released on 2021-09-22 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook serves as an introduction to the major economic topics and events in Latin America’s history, from the settling of the region by indigenous Americans and then Europeans, Africans and Asians, to the economic consequences of COVID-19. Each chapter concentrates on a particular period—for example, pre-Columbian America, the 1980s debt crisis, the 21st Century decline in income inequality—and introduces the concepts needed to understand the events of that period. These concepts include theories such as Dutch Disease and Dependency Theory, policies such as import-substituting industrialization and neoliberalism, and analytical tools such as the circular flow of income and the foreign exchange market. Descriptive data are used to illustrate these concepts: for example, Latin America’s current account balance during the 1970s and 1980s shows the impact of the debt crisis, while the relationship between money supply growth and inflation in Argentina during the 1980s and 1990s shows the impact of expansionary monetary policy and convertibility. With its focus on Latin American economic history and on the key concepts for understanding that history, this book can serve as the core textbook for an introductory course on Latin American Economics, or as a complementary text for an introductory course in Latin American Studies or a social science course on Latin America.
