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Exchange Rate Regimes: Latin American Economic Analysis before the Depression

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  • Kenneth P. Jameson

Abstract

The early twentieth century role of U.S. “money doctors” in establishing Latin American exchange rate regimes and monetary institutions is relatively well known. For example, the work of Edwin Kemmerer in the Andes has been extensively documented. Not so well-known is the work of Latin American economists on these same issues. This paper examines a number of cases where the Latin American analysts were active players and participants in analyzing the exchange rate and monetary issues and in formulating domestic policy to address them. The role of Latin American economists in a variety of international monetary conferences and commissions from 1903-1922 is investigated. In addition, the paper describes how Alberto Pani guided the formulation of Mexican economic policy after the Mexican Revolution and his ability to chart an independent course for Mexico. The conclusion is that there is evidence of “intense discussions of economic issues” based on Latin Americans’ economic analysis. The role of foreign advisors was often to break the political impasse and to recommend the policy the inviting government wanted to implement.

Suggested Citation

  • Kenneth P. Jameson, 2005. "Exchange Rate Regimes: Latin American Economic Analysis before the Depression," Working Paper Series, Department of Economics, University of Utah 2005_06, University of Utah, Department of Economics.
    • Handle: RePEc:uta:papers:2005_06
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    References listed on IDEAS

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    1. Jeffrey G. Williamson, 2002. "Winners and Losers Over Two Centuries of Globalization," NBER Working Papers 9161, National Bureau of Economic Research, Inc.
    2. Kenneth P. Jameson, 2003. "Dollarization in Latin America: Wave of the Future or Flight to the Past?," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(3), pages 643-663, September.
    3. Rosemary Thorp, 1998. "Progress, Poverty and Exclusion: An Economic History of Latin America in the 20th Century," IDB Publications (Books), Inter-American Development Bank, number 79303, February.
    4. McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
    5. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
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    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • F3 - International Economics - - International Finance

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