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Monetary Space in Latin America: A Criterion to Regime Selection

Author

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  • Eduardo Ariel Corso

    (Centro de Estudios de Estado y Sociedad (CEDES))

Abstract

This paper deals with a theoretical and empirical approach to analyze the selection of exchange rate/monetary regimes in emerging economies based on the “monetary space”, i.e. the framework where monetary policy should be developed. In turn, the monetary space was defined on the basis of four axes: fiscal dominance, external dominance, financial dominance and the size of the financial system.

Suggested Citation

  • Eduardo Ariel Corso, 2007. "Monetary Space in Latin America: A Criterion to Regime Selection," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(48), pages 111-144, July - Se.
  • Handle: RePEc:bcr:ensayo:v:1:y:2007:i:48:p:111-144
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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/Premio%20AnualIE%20Espacios%20monetarios.pdf
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    References listed on IDEAS

    as
    1. Peter Bofinger & Timo Wollmershäuser, 2003. "Managed Floating as a Monetary Policy Strategy," Economic Change and Restructuring, Springer, vol. 36(2), pages 81-109, June.
    2. De Grauwe, Paul, 1982. "The exchange rate in a portfolio balance model with a banking sector," Journal of International Money and Finance, Elsevier, vol. 1(1), pages 225-239, January.
    3. S. C. Tsiang, 1975. "The Dynamics of International Capital Flows and Internal and External Balance," The Quarterly Journal of Economics, Oxford University Press, vol. 89(2), pages 195-214.
    4. Patterson, K D & Stephenson, M J, 1988. "Stock-Flow Consistent Accounting: A Macroeconomic Perspective," Economic Journal, Royal Economic Society, vol. 98(392), pages 787-800, September.
    5. Tobin, James, 1970. "Deposit Interest Ceilings as a Monetary Control," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 2(1), pages 4-14, February.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    emerging economies; exchange rate and monetary regimen; financial assets sustituibility; financial dominance; financial system size; fiscal dominance; monetary policy; monetary space;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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