Monetary Policy and Macroeconomic Stabilization in Latin America
Latin America is a very important region of the globe, which has been buffeted by successive waves of economic instability within the last decades. These waves have caused several episodes of hyperinflation or near hyperinflation, and several currency and
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Rolf J. Langhammer Lucio Vinhas de Souza (Eds.)
Monetary Policy and Macroeconomic Stabilization in Latin America
Springer
Rolf J. Langhammer Institut fiir Weltwirtschaft Kiel D-24100Kiel langhammer @ ifw-kiel.de
Lucio Vinhas de Souza European Commission Avenue de Beaulieu, 1 B-1160, Brussels [email protected]
I S B N 3-540-25583-4 Springer-Verlag Berlin Heidelberg N e w York Cataloging-in-Publication Data: Library of Congress Control Number: 2005923823 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer-Verlag is a part of Springer Science+Business Media springeronline.com © Springer-Verlag Berlin • Heidelberg 2005 Printed in Germany The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Hardcover-Design: Erich Kirchner, Heidelberg SPIN 11416425
42/3153-5 4 3 2 1 0 - Printed on acid-free paper
Contents
Preface
ROLFLANGHAMMER
VII
LUCIO VINHAS DE SOUZA
Reducing Inflation through Inflation Targeting: The Mexican Experience Comment
How Has NAFTA Affected the Mexican Economy? Review and Evidence
MANUEL RAMOS-FR ANCIA
1
and ALBERTO TORRES PAULO SPRINGER DE FREITAS
30
M. AYHAN KOSE, GUY M.MEREDITH,
35
and CHRISTOPHER M . TOWE
Comment
LUCIO ViNHAS DE SOUZA
82
Argentina: Monetary Policy by Default
GEORGE T. MCCANDLESS
87
Comment
ALICIA GARCIA HERRERO
113
Do Exchange Rates Matter in Inflation Targeting Regimes? Evidence from a VAR Analysis for Poland and Chile
FELIX H AMMERM ANN
115
Comment
MARCEL FRATZSCHER
149
JORGE BRAGA DE MACEDO
153
Argentina and Brazil Risk: A "Eurocentric" Tale Comment
and MARTIN GRANDES GEORGE T. MCCANDLESS
173
VI
CONTENTS
Macroeconomic Shocks, Inflation, and Latin America's Labor Market Comment
Monetary Policy Rules in Emerging Market Economies: Issues and Evidence Comment
List of Contributors
ANA MARIA LOBOGUERRERO and UGO PANIZZA
177
ANSGARBELKE
198
M.S. MOHANTY
205
AND MARC KLAU RAINER SCHWEICKERT
246
253
Preface Latin America is a very important region of the globe, which has been buffeted by successive waves of economic instability within the last decades. These waves have caused several episodes of hyperinflation or near hyperinflation, and several currency and financial crises, which, in certain moments, have even spilled over and affected other emerging markets. Th
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