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The Political Economy of Exchange Rate Policy in Latin America: An Analytical Overview

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Author Info
Ernesto H. Stein
Jeffry Frieden

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Abstract

Exchange rates have been central to the course of economic development in Latin America for decades. From the heyday of import substitution in the 1960s to the rapid expansion of foreign debt in the 1970s, from the debt crisis and its troubled aftermath in the 1980s to the rekindling of growth and borrowing in the 1990s, the exchange rate has been crucial to the mix of government policies that has shaped the region. Indeed, many analysts regard exchange rate policy as a major determinant of other economic outcomes, such as adjustment to the oil shocks of the 1970s and the debt crisis of the 1980s (Sachs, 1985). And currency policies have themselves been at the center of some of the regions most prominent economic processes and events, such as liberalizing reforms in the Southern Cone between 1976 and 1982, the Mexican crises of 1982 and 1994, Argentinas adoption of a currency board in 1991, Brazils 1999 currency crisis, and ongoing discussions of dollarization.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 3118.

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Date of creation: Oct 2000
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Handle: RePEc:idb:wpaper:3118

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. José De Gregorio, 1999. "Exchange Rate Policy in Chile since 1960: Political Economy and The Choice of Regime," Documentos de Trabajo 68, Centro de Economía Aplicada, Universidad de Chile. [Downloadable!]
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  2. Clark, William Roberts & Reichert, Usha Nair, 1998. "International and Domestic Constraints on Political Business Cycles in OECD Economies," International Organization, MIT Press, vol. 52(1), pages 87-120, Winter.
  3. Clark, William Roberts L. & Reichert, Usha Nair & Lomas, Sandra Lynn & Parker, Kevin, 1998. "International and Domestic Constraints on Political Business Cycles in OECD Economies," International Organization, Cambridge University Press, vol. 52(01), pages 87-120, January. [Downloadable!]
  4. Marco Bonomo & Cristina Terra, 1999. "The Political Economy of Exchange Rate Policy in Brazil: 1964-1997," RES Working Papers 3065, Inter-American Development Bank, Research Department. [Downloadable!]
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  5. Lohmann, Susanne & O'Halloran, Sharyn, 1994. "Divided Government and U.S. Trade Policy: Theory and Evidence," International Organization, MIT Press, vol. 48(4), pages 595-632, Autumn.
  6. Bernhard, William & Leblang, David, 1999. "Democratic Institutions and Exchange-rate Commitments," International Organization, Cambridge University Press, vol. 53(01), pages 71-97, January. [Downloadable!]
  7. Rogowski, Ronald, 1987. "Trade and the variety of democratic institutions," International Organization, Cambridge University Press, vol. 41(02), pages 203-223, March. [Downloadable!]
  8. Bernhard, William & Leblang, David, 1999. "Democratic Institutions and Exchange-Rate Commitments," International Organization, MIT Press, vol. 53(1), pages 71-97, Winter.
  9. Guillermo Calvo & Carlos A. Végh Gramont, 1990. "Credibility and the Dynamics of Stabilization Policy: A Basic Framework," IMF Working Papers 90/110, International Monetary Fund.
  10. Rogowski, Ronald, 1987. "Trade and the Variety of Democratic Institutions," International Organization, MIT Press, vol. 41(2), pages 203-23, Spring.
  11. Torsten Persson & Guido Tabellini, . "Political Economics and Macroeconomic Policy," Working Papers 121, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University. [Downloadable!]
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  12. Collins, Susan M., 1996. "On becoming more flexible: Exchange rate regimes in Latin America and the Caribbean," Journal of Development Economics, Elsevier, vol. 51(1), pages 117-138, October. [Downloadable!] (restricted)
  13. Stein, Ernesto H. & Streb, Jorge M., 1998. "Political stabilization cycles in high-inflation economies," Journal of Development Economics, Elsevier, vol. 56(1), pages 159-180, June. [Downloadable!] (restricted)
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  1. Ernesto H. Stein & Jorge M. Streb, 1999. "Elections and the Timing of Devaluations," RES Working Papers 4164, Inter-American Development Bank, Research Department. [Downloadable!]
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  2. Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "Why Do Countries Float the Way They Float?," RES Working Papers 4205, Inter-American Development Bank, Research Department. [Downloadable!]
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  3. S. Brock Blomberg & Jeffry Frieden & Ernesto Stein, 2005. "Sustaining fixed rates: The political economy of currency pegs in Latin America," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 203-225, November. [Downloadable!]
  4. Piero Ghezzi & Ernesto Stein & Jorge M. Streb, 2000. "Real exchange rate cycles around elections," CEMA Working Papers: Serie Documentos de Trabajo. 174, Universidad del CEMA. [Downloadable!]
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  5. Juan C. Jaramillo & Roberto Steiner & Natalia Salazar, 1999. "The Political Economy of Exchange Rate Policy in Colombia," RES Working Papers 3064, Inter-American Development Bank, Research Department. [Downloadable!]
  6. Vladimir Klyuev, 2003. "The Distributional Consequences of Real Exchange Rate Adjustment," IMF Working Papers 03/133, International Monetary Fund. [Downloadable!]
  7. Andrés Mejía Acosta & María Caridad Araujo & Anibal Pérez-Liñán & Sebastian Saiegh, 2006. "Actores con veto, instituciones caprichosas y políticas de mala calidad: el proceso de diseño de políticas de Ecuador," RES Working Papers 3227, Inter-American Development Bank, Research Department. [Downloadable!]
  8. Ernesto H. Stein & Jorge M. Streb, 1999. "Las elecciones y el momento de las devaluaciones," RES Working Papers 4165, Inter-American Development Bank, Research Department. [Downloadable!]
  9. Levy-Yeyati, Eduardo & Sturzenegger, Federico & Reggio, Iliana, 2006. "On the Endogeneity of Exchange Rate Regimes," Working Paper Series rwp06-047, Harvard University, John F. Kennedy School of Government. [Downloadable!]
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  10. Ricardo Hausmann & Ugo Panizza & Ernesto H. Stein, 2000. "¿Por qué los países tienen los regímenes de cambio flotante que tienen?," RES Working Papers 4206, Inter-American Development Bank, Research Department. [Downloadable!]
  11. Alberto Alesina & Alberto Carrasquilla & RobertoSteiner, 2000. "The Central Bank in Colombia," WORKING PAPERS SERIES. DOCUMENTOS DE TRABAJO 003568, FEDESARROLLO. [Downloadable!]
  12. Vladimir Klyuev, 2001. "A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe," IMF Working Papers 01/140, International Monetary Fund. [Downloadable!]
  13. Andrés Mejía Acosta & María Caridad Araujo & Anibal Pérez-Liñán & Sebastian Saiegh, 2006. "Veto Players, Fickle Institutions and Low-Quality Policies: The Policymaking Process in Ecuador," RES Working Papers 3226, Inter-American Development Bank, Research Department. [Downloadable!]
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