The monetary crisis, dollarization and the exchange rate

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cepal.bibLevelSección o Parte de un Documento
cepal.callNumberX/C 22(50/93)
cepal.docTypeRevistas
cepal.idSade20172
cepal.topicEngSTRUCTURAL HETEROGENEITY
cepal.topicEngINFLATION
cepal.topicSpaHETEROGENEIDAD ESTRUCTURAL
cepal.topicSpaINFLACIÓN
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorBatista, Paulo Nogueira
dc.coverage.spatialEngARGENTINA
dc.coverage.spatialEngBRAZIL
dc.coverage.spatialEngLATIN AMERICA
dc.coverage.spatialSpaAMERICA LATINA
dc.coverage.spatialSpaARGENTINA
dc.coverage.spatialSpaBRASIL
dc.date.accessioned2014-01-02T18:40:53Z
dc.date.available2014-01-02T18:40:53Z
dc.date.issued1993-08
dc.descriptionIncludes bibliography
dc.description.abstractThe purpose of this paper is to contribute to the debate on stabilization policies in conditions of high inflation in the light of the experience of Brazil and some other countries, especially the European monetary crises of the 1920s and the stabilization of the Argentine currency in 1991/1992. The paper begins with some comments on certain special features of situations of high inflation, with emphasis on the unfeasibility of following the sequence of measures recommended for dealing with only moderate imbalances. It goes on to criticise some aspects of the economic policy adopted in Brazil in 1991/1992, demonstrating this policy's inability to break out of a vicious circle in which monetary instability and fiscal imbalances mutually aggravate each other. It is asserted that in certain circumstances stabilization can lead to regression to a more primitive type of monetary system, namely the abandonment of pure flat money based exclusively on authorization and sanction by the State. The anti-inflation policy applied in Argentina since April 1991 is analysed, and its strong points and some of its problems are highlighted; this Argentine programme is described as a regression to a monetary model rather like the old Gold Standard, in which the dollar occupies the place of a "sacred relic". Finally, the consequences of the very marked revaluation of the Argentine currency are analysed, and some characteristics of economic cycles typical of exchange-rate-based stabilization programmes are examined, together with the difficulties standing in the way of the application in Brazil of a programme like that of Argentina.
dc.formatTexto
dc.format.extentpáginas. 93-108
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/G.1767-P
dc.identifier.urihttps://hdl.handle.net/11362/10444
dc.language.isoeng
dc.physicalDescriptionp. 93-108
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfNo50
dc.relation.isPartOfSeriesCEPAL Review
dc.subject.unbisEngDOLLAR
dc.subject.unbisEngECONOMIC CRISIS
dc.subject.unbisEngECONOMIC POLICY
dc.subject.unbisEngFOREIGN EXCHANGE RATES
dc.subject.unbisEngGOLD STANDARD
dc.subject.unbisEngINFLATION
dc.subject.unbisEngMONETARY POLICY
dc.subject.unbisEngMONETARY RESERVES
dc.subject.unbisSpaCRISIS ECONOMICA
dc.subject.unbisSpaDOLAR
dc.subject.unbisSpaINFLACION
dc.subject.unbisSpaPATRON ORO
dc.subject.unbisSpaPOLITICA ECONOMICA
dc.subject.unbisSpaPOLITICA MONETARIA
dc.subject.unbisSpaRESERVAS MONETARIAS
dc.subject.unbisSpaTIPOS DE CAMBIO
dc.titleThe monetary crisis, dollarization and the exchange rate
dc.type.coarartículo
dspace.entity.typePublication
relation.isAuthorOfPublication97f5297d-f1f9-4d1b-97e4-42721127cbc6
relation.isAuthorOfPublication.latestForDiscovery97f5297d-f1f9-4d1b-97e4-42721127cbc6
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