Munich Personal RePEc Archive

Una banda cambiaria en el G–3 ¿Es lo mejor para los mercados emergentes?

Reinhart, Carmen and Reinhart, Vincent (2002): Una banda cambiaria en el G–3 ¿Es lo mejor para los mercados emergentes? Published in: Finanzas y Desarollo , Vol. 39, No. 1 : pp. 17-19.

[img]
Preview
PDF
MPRA_paper_13694.pdf

Download (42kB) | Preview

Abstract

With many emerging market currencies tied to the U.S. dollar either implicitly or explicitly, movements in the exchange values of the currencies of major countries–in particular the prolonged appreciation of the U.S. dollar vis-a-vis the yen and the deutsche mark in advance of Asia’s troubles–is argued to have worsened the competitive position of many emerging market economies. One solution to reducing destabilizing shocks emanating from abroad, the argument runs, would be to reduce the variability of the G-3 currencies by establishing target bands. This paper examines the argument for such a target zone from an emerging market perspective but will be silent on the costs and benefits for industrial countries.

UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.