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.

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.

• Item Type: MPRA Paper
• English Title: Is a G-3 Target Zone on Target for Emerging Markets?
• Language: Spanish
• Keywords: tasas de interes volatilidad banda cambiaria
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E42 - Monetary Systems ; Standards ; Regimes ; Government and the Monetary System ; Payment Systems; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit

References

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Rogoff, Kenneth, “On Why Not a Global Currency,” en American Economic Review, de próxima publicación.

Williamson, John, 1986, “Target Zones and the Management of the Dollar”, Brookings Papers on Economic Activity: 1, págs. 165–74.