Exchange Rate Regimes in the Americas: Is Dollarization the Solution?
AbstractThe series of crises that have affected emerging markets in recent years have reopened the debate on the most appropriate exchange regime for an emergent economy. In particular, all countries that experienced severe crises in the 1990s had some sort of fixed exchange rate regime, the majority of them falling in the categories that Corden ( 2002) calls the fixed-but-adjustable exchange rate regime (FBAR) and in- between regimes of the pegged (including flexible and crawling pegs) and target zone types. As a result, in recent years countries have been emigrating to a corner solution: a credible fixed regime or a floating regime with a monetary anchor. Within the latter categories, the increasingly used monetary regime is the inflation targeting one. The paper discusses the advantages and disadvantages of alternative exchange rate regimes and ends with a discussion of the possibility of dollarization in the Americas.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Institute for Monetary and Economic Studies, Bank of Japan in its journal Monetary and Economic Studies.
Volume (Year): 20 (2002)
Issue (Month): S1 (December)
Contact details of provider:
Postal: 2-1-1 Nihonbashi, Hongoku-cho, Chuo-ku, Tokyo 103
Web page: http://www.imes.boj.or.jp/
More information through EDIRC
Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- O24 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Stefan Krause & Fabio Mendez, 2005.
"Institutions, Arrangements, and Preferences for Inflation Stability: Evidence and Lessons from a Panel Data Analysis,"
0501, Department of Economics, Emory University (Atlanta).
- Krause, Stefan & Méndez, Fabio, 2008. "Institutions, arrangements and preferences for inflation stability: Evidence and lessons from a panel data analysis," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 282-307, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kinken).
If references are entirely missing, you can add them using this form.