Article

Exchange Rate Regimes in Latin America

Roberto Frenkel and Martín Rapetti

in The Oxford Handbook of Latin American Economics

Published in print July 2011 | ISBN: 9780199571048
Published online September 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199571048.013.0008

Series: Oxford Handbooks in Economics

 Exchange Rate Regimes in Latin America

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This chapter looks at how Latin American governments chose their exchange rate regimes given specific domestic and external conditions. The second section provides a historical overview of the main trends of exchange rate arrangements in Latin America, focusing on Argentina, Brazil, Chile, Colombia, Mexico, and Peru. This narrative goes from the post world war period up until the unfolding of the subprime crisis in the US and its effects on Latin America. The third section closes with the main conclusions derived from the analysis. The discussion follows the Latin American convention defining the exchange rate as the domestic price of a foreign currency (i.e. units of domestic currency per unit of US dollar). A rise in the nominal exchange rate implies a nominal depreciation and a fall an appreciation. The same logic applies for the real exchange rate.

Keywords: Latin American governments; exchange rate; Argentina; Brazil; Chile; Colombia; Mexico; Peru

Article.  11772 words. 

Subjects: Economics ; International Economics ; Public Economics

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