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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- Kevin Cowan & José De Gregorio, 1997.
"Exchange Rate Policies and Capital Account Management: Chile in the 1990s,"
Documentos de Trabajo
22, Centro de Economía Aplicada, Universidad de Chile.
- Kevin Cowan & Jose De Gregorio, 1996. "Exchange rate policies and capital account management: Chile in the 1990s," Proceedings, Federal Reserve Bank of San Francisco, pages 465-488.
- John Williamson, 1996. "Crawling Band as an Exchange Rate Regime: Lessons from Chile, Colombia and Israel, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 14.
- Baxter, Marianne, 1994. "Real exchange rates and real interest differentials: Have we missed the business-cycle relationship?," Journal of Monetary Economics, Elsevier, vol. 33(1), pages 5-37, February.
- Jose De Gregorio & Holger C. Wolf, 1994.
"Terms of Trade, Productivity, and the Real Exchange Rate,"
94-19, New York University, Leonard N. Stern School of Business, Department of Economics.
- Jose De Gregorio & Holger C. Wolf, 1994. "Terms of Trade, Productivity, and the Real Exchange Rate," NBER Working Papers 4807, National Bureau of Economic Research, Inc.
- Sebastian Edwards & Daniel Lederman, 1998. "The Political Economy of Unilateral Trade Liberalization: The Case of Chile," NBER Working Papers 6510, National Bureau of Economic Research, Inc.
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