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Exchange Rate Policies In Latin America And Asia, A Comparative Study

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  • Paulo Gala

Abstract

A recurrent issue in the empirical literature that relates real exchange rate levels and growth is the relatively undervalued level of the Asian currencies when compared to Latin American and African ones for the period 1970 to 1999. In most works, higher per capita growth rates and lower currency levels emerge for Asian countries, which appears to be a regional pattern. For the Latin American and African cases, the pattern seems to be the opposite. Appreciation cycles are constantly showing up together with stop and go growth episodes. Accordingly, a central issue to understand the East and Southeast Asian success, as compared to the Latin American and African failures, could be found in the way they managed their exchange rate policies and on the evolution of their real exchange rate levels. The objective of this paper is to compare the evolution of exchange rate policies and levels in Asia and Latin America from 1970 to 1999. The work reviews some aspects of exchange rate management for some of the countries in these regions based on a survey of case studies. It also presents an evolution of real exchange rate levels against the US dollar for a set of 20 countries based on World Bank data and on an exchange rate distortion index.

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Paper provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its series Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] with number 077.

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Date of creation: 2005
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Handle: RePEc:anp:en2005:077

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  1. Hausmann, Ricardo & Pritchett, Lant & Rodrik, Dani, 2004. "Growth Accelerations," Working Paper Series rwp04-030, Harvard University, John F. Kennedy School of Government.
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  7. Andrew Berg & Paolo Mauro & Michael Mussa & Alexander K. Swoboda & Esteban Jadresic & Paul R. Masson, 2000. "Exchange Rate Regimes in an Increasingly Integrated World Economy," IMF Occasional Papers 193, International Monetary Fund.
  8. Ilan Goldfajn & Rodrigo O. ValdŽs, 1999. "The Aftermath Of Appreciations," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 229-262, February.
  9. Cottani, Joaquin A & Cavallo, Domingo F & Khan, M Shahbaz, 1990. "Real Exchange Rate Behavior and Economic Performance in LDCs," Economic Development and Cultural Change, University of Chicago Press, vol. 39(1), pages 61-76, October.
  10. Hill,Hal, 2000. "The Indonesian Economy," Cambridge Books, Cambridge University Press, number 9780521663670.
  11. Ghura, Dhaneshwar & Grennes, Thomas J., 1993. "The real exchange rate and macroeconomic performance in Sub-Saharan Africa," Journal of Development Economics, Elsevier, vol. 42(1), pages 155-174, October.
  12. Ofair Razin & Susan M. Collins, 1997. "Real Exchange Rate Misalignments and Growth," NBER Working Papers 6174, National Bureau of Economic Research, Inc.
  13. Ong, Li Lian, 1997. "Burgernomics: the economics of the Big Mac standard," Journal of International Money and Finance, Elsevier, vol. 16(6), pages 865-878, December.
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