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Exchange rate regime proposal for emerging countries: a Keynesian perspective

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  • Fernando Ferrari-Filho
  • Luiz Fernando De Paula

Abstract

This paper presents, in light of Keynesian theory and taking into account the emerging economies' reality in today's global world, an exchange rate regime proposal for emerging countries with the capability to mitigate their external vulnerability and fragility and their dependence on foreign capital, thus making possible the implementation of domestic economic policies that would permit macroeconomic stabilization—understood, following Keynes, as being the combination of price stability and full employment. For this purpose, the paper revisits Keynes's proposals with regard to both exchange rate policy and capital inflows, with a view to showing how they contribute to maintaining full employment, develops a Post Keynesian view on financial globalization and the behavior of exchange rate, and presents a strategy for an exchange rate regime with capital controls for emerging countries.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 31 (2008)
Issue (Month): 2 (December)
Pages: 227-248

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Handle: RePEc:mes:postke:v:31:y:2008:i:2:p:227-248

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: capital controls; emerging countries; exchange rate regime proposal; Keynesian theory;

References

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  1. Guillermo Calvo & Frederic S. Mishkin, 2003. "The Mirage of Exchange Rate Regimes for Emerging Market Countries," NBER Working Papers 9808, National Bureau of Economic Research, Inc.
  2. Nicolas Magud & Carmen M. Reinhart, 2007. "Capital Controls: An Evaluation," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 645-674 National Bureau of Economic Research, Inc.
  3. James Tobin, 1978. "A Proposal for International Monetary Reform," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 506, Cowles Foundation for Research in Economics, Yale University.
  4. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  5. Edison, Hali J. & Levine, Ross & Ricci, Luca & Slok, Torsten, 2002. "International financial integration and economic growth," Journal of International Money and Finance, Elsevier, Elsevier, vol. 21(6), pages 749-776, November.
  6. José Luís Oreiro & Luiz Fernando de Paula, 2005. "Strategy for Economic Growth in Brazil: a Post Keynesian Approach," Working Papers, Universidade Federal do Paraná, Department of Economics 0027, Universidade Federal do Paraná, Department of Economics.
  7. Antonio J. Alves, Jr. & Fernando Ferrari, Jr. & Luiz F. R. De Paula, 2000. "The Post Keynesian Critique of Conventional Currency Crisis Models and Davidson's Proposal to Reform the International Monetary System," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 22(2), pages 207-225, January.
  8. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(2), pages 3-24, Spring.
  9. Eichengreen, Barry & Tobin, James & Wyplosz, Charles, 1995. "Two Cases for Sand in the Wheels of International Finance," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 105(428), pages 162-72, January.
  10. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," NBER Working Papers 5191, National Bureau of Economic Research, Inc.
  11. Roberto Frenkel, 2006. "An alternative to inflation targeting in Latin America: macroeconomic policies focused on employment," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 28(4), pages 573-591, July.
  12. Grabel, Ilene, 1996. "Marketing the third world: The contradictions of portfolio investment in the global economy," World Development, Elsevier, Elsevier, vol. 24(11), pages 1761-1776, November.
  13. Jahangir Aziz & Francesco Caramazza, 1998. "Fixed or Flexible? Getting the Exchange Rate Right in the 1990s," IMF Economic Issues 13, International Monetary Fund.
  14. Ramon Moreno, 2005. "Motives for intervention," BIS Papers chapters, in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 4-18 Bank for International Settlements.
  15. Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, Elsevier, vol. 28(6), pages 1075-1086, June.
  16. Philip Arestis & Luiz Fernando de Paula & Fernando Ferrari-Filho, 2006. "Inflation Targeting In Emerging Countries: The Case Of Brazil," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting], ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of G 42, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  17. Murray Glickman, 1994. "The Concept of Information, Intractable Uncertainty, and the Current State of the "Efficient Markets" Theory: A Post Keynesian View," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 16(3), pages 325-349, April.
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