Exchange rate regimes in the major Latin American countries since the 1950s: lessons from history

The paper analyses exchange rate regimes implemented by the major Latin American (LA) countries since the 1950s, with special attention to the period beginning in the 1970s. The aim is to evaluate the relationship between exchange rate regimes and macroeconomic performance. After an overview of the...

Full description

Saved in:
Bibliographic Details
Published in:Revista de historia económica 2012-03, Vol.30 (1), p.157-188
Main Authors: Frenkel, Roberto, Rapetti, Martín
Format: Article
Language:English
Subjects:
American dollar
Economic analysis
Economic growth
Economic history
Economic performance
Economic policy
Evaluation
Exchange rates
Exports
Fixed exchange rates
Floating exchange rates
Foreign exchange rates
GDP
Gross Domestic Product
International finance
International trade
Latin America
Macroeconomics
Studies
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The paper analyses exchange rate regimes implemented by the major Latin American (LA) countries since the 1950s, with special attention to the period beginning in the 1970s. The aim is to evaluate the relationship between exchange rate regimes and macroeconomic performance. After an overview of the main trends followed by the major LA countries over the last 60 years, the paper focusses on regimes that were implemented (1) with stabilisation purposes (nominal anchor) and (2) with the aim of targeting competitive and stable real exchange rates. These sections analyse in greater detail some important links between exchange rate regimes and macroeconomic performance. The paper closes with an assessment of the experiences with exchange rate regimes in LA. El trabajo analiza los regímenes cambiarios implementados por los principales países de América Latina desde la década de 1950, con especial atención al período iniciado en la década de 1970. El objetivo es analizar la relación entre regímenes cambiarios y desempeño macroeconómico. Después de una revisión de las principales tendencias seguidas por los principales países de la región, el trabajo se centra en los regímenes implementados (1) con fines de estabilización (ancla nominal) y (2) con el objeto de mantener tipos de cambio real competitivos y estables. Estas secciones analizan con mayor detalle algunos vínculos entre regímenes cambiarios y desempeño macroeconómico. El artículo concluye con una evaluación sobre las experiencias cambiarias en América Latina.
ISSN:0212-6109
2041-3335
DOI:10.1017/S0212610911000292