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From populism to exchange rate bands: the evolution exchange rate policy in Chile from 1970 to 1999

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  • Patrícia Helena F. Cunha
  • Paulo Gala

Abstract

We discuss in this paper the evolution of exchange rate policy in Chile since the seventies, with special attention to overvaluation and undervaluation cycles. Following a recent literature that argues in favor of competitive currencies as part of a development strategy, we argue that the Chilean exchange rate policy in the years that go from 1984 until 1999 were very important to its growth results. Chile even managed to go through the nineties without a major external crisis, especially when compared to its Latin American neighbors. We argue here that the exchange rate crawling band adopted in the middle eighties and nineties was important for its growth strategy. JEL Classification: O11; F31; F4; F02.

Suggested Citation

  • Patrícia Helena F. Cunha & Paulo Gala, 2009. "From populism to exchange rate bands: the evolution exchange rate policy in Chile from 1970 to 1999," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(3), pages 35-53.
    • Handle: RePEc:ekm:repojs:v:29:y:2009:i:3:p:35-53:id:485
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    More about this item

    Keywords

    exchange rate policy; exchange rate levels; crawling bands; Chile;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F02 - International Economics - - General - - - International Economic Order and Integration

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