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Optimum Currency Pegs for Latin America
The analysis begins by establishing a clear empirical link: nations that pegged their currency to the U.S. dollar from 1950 to 1979 experienced significantly lower and more stable inflation and monetary growth rates compared to non-peggers. The author argues that a dollar peg acts as a credible commitment mechanism, effectively importing U.S. monetary discipline and restraining domestic monetary policy. A theoretical model is developed to evaluate alternative pegs—including single currencies like the Deutsche Mark and composite baskets like the SDR—based on their ability to minimize the level and variance of imported inflation. The empirical results for the 1973-79 period demonstrate that while other pegs (like a trade-weighted basket) could offer marginally better stability, the U.S. dollar peg provides a robust combination of low inflation variance and historical credibility.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JMCB1501 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Ohio: Ohio State University Press 1983 |
|---|---|
| Edisi | Vol. 15, No. 1, Feb., 1983 |
| Subjek | Exchange rate regime Imported inflation Latin America Optimum Currency Peg Monetary Discipline Monetary Policy Credibility |
| ISBN/ISSN | 00222879 |
| Klasifikasi | NONE |
| Deskripsi Fisik | - |
| Info Detail Spesifik | Journal of Money, Credit and Banking |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |