Exchange Rate Policy in Chile since 1960: Political Economy and the Choice of Regime
This paper analyzes exchange rate policies in Chile since the 1960s. A brief overview of main policies is presented. Particular attention is paid to the two episodes of fixed-exchange rate as well as the reasons why policy makers may have arrived to those decisions. The paper also examines the long Chilean tradition of using a crawling peg to preserve competitiveness and as a quick exit during times of crisis. More specifically, this paper attempts to uncover political economy factors that may have influenced decisions on exchange rate policy. Empirical evidence on the economic environment during different episodes of exchange rate management as well as the political economy factors that may haveinfluenced the options are presented.
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