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Monetary Policy and Macroeconomic Stabilization in Latin America

  • Rolf J. Langhammer
  • Lúcio Vinhas de Souza

Table of contents

  1. Front Matter
    Pages I-IX
  2. Manuel Ramos-Francia, Alberto Torres
    Pages 1-29
  3. Paulo Springer de Freitas
    Pages 30-34
  4. M. Ayhan Kose, Guy M. Meredith, Christopher M. Towe
    Pages 35-81
  5. Lúcio Vinhas de Souza
    Pages 82-86
  6. George T. McCandless
    Pages 87-112
  7. Alicia Garcia Herrero
    Pages 113-114
  8. Marcel Fratzscher
    Pages 149-152
  9. Jorge Braga de Macedo, Martin Grandes
    Pages 153-172
  10. George T. McCandless
    Pages 173-175
  11. Ana Maria Loboguerrero, Ugo Panizza
    Pages 177-197
  12. Rainer Schweickert
    Pages 246-251
  13. Back Matter
    Pages 253-254

About these proceedings

Introduction

Latin America is a very important region of the globe, which has been buffeted by successive waves of economic instability within the last decades. These waves have caused several episodes of hyperinflation or near hyperinflation, and several currency and financial crises, which, in certain moments, have even spilled over and affected other emerging markets. This has resulted in huge costs in terms of lost potential growth, and, as is inevitable, the markets most affected by this have been the least capable of defending themselves. In a region plagued by still considerable rates of social exclusion, with some of the highest rates of income concentration in the whole globe, the human costs of these crises have been very substantial. Starting in the early 1990s, the slow implementation of reforms, plus the resumption of more sustained growth—to a substantial degree linked to the increase in commodity prices, especially since the early 2000s—seems to have resulted in a more stable situation. Initially, in early reformers like Chile, later in the larger economies of the region, like Brazil and Mexico, a consensus— embraced by both sides of the political spectrum—towards integration in global markets, both in their trade and financial components, floating exchange rates, independent monetary authorities, and sustainable fiscal policies has emerged.

Keywords

Exchange Rate Policies Inflation Latin America Macroeconomic Shocks Monetary Policies Regional Integration

Editors and affiliations

  • Rolf J. Langhammer
    • 1
  • Lúcio Vinhas de Souza
    • 2
  1. 1.Institut für Weltwirtschaft KielKiel
  2. 2.European CommissionBrussels

Bibliographic information

  • DOI https://doi.org/10.1007/3-540-28201-7
  • Copyright Information Springer-Verlag Berlin · Heidelberg 2005
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Business and Economics
  • Print ISBN 978-3-540-25583-3
  • Online ISBN 978-3-540-28201-3
  • Buy this book on publisher's site