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This paper analyses the viability, implications and challenges of expanding the Latin American Reserve Fund (FLAR) to Argentina, Brazil, Chile, Mexico and Paraguay. A regional reserve fund should be viewed as one of a broad range of mechanisms offered by the international financial architecture t...


Titelman Kardonsky, DanielVera, CeciliaCarvallo, PabloPérez Caldentey, EstebanA regional reserve fund for Latin America

El tipo de cambio real “óptimo” a largo plazo es aquel que, al redirigir eficientemente los recursos productivos hacia los sectores generadores y difusores de incrementos de productividad para la economía en general, tiende a acelerar y sostener el desarrollo económico. A diferencia de los modelo...


Nassif, AndréFeijó, Carmen AparecidaAraújo, ElianeUn modelo estructuralista-keynesiano de determinación del tipo cambio real “óptimo” para el desarrollo económico brasileño: 1999-2015

In recent years, several empirical studies have documented the decline in exchange-rate pass-through in peripheral countries. Conventional wisdom has interpreted this trend —verified in the last two decades— as the result of greater central bank credibility stemming from the implementation of for...


Cherkasky, MartínAbeles, MartínMonetary regimes and labour institutions: an alternative interpretation of the downward trend in exchange-rate passthrough in peripheral countries

In recent decades, Latin American countries have adopted more flexible exchange-rate regimes and set inflation targets. Several authors argue that some countries’ monetary and exchange-rate policies suffer from a procyclical bias, whereby central banks are reluctant to reduce interest rates when ...


Libman, EmilianoAsymmetric monetary and exchange-rate policies in Latin American countries that use inflation targeting

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