This paper analyzes the factors which determine the long-run real exchange rate in Argentina, Colombia and Mexico, distinguishing between real and nominal determinants. Cointegration analysis is utilized to establish that the real exchange rate has an equilibrium relationship with real variables...

The multilateral financial institutions have been reformed in a largely ad hoc incremental way. Discussion of a new international financial architecture provides an opportunity to reassess their roles. Although private capital markets mobiliza huge amounts of finance globally, they also display...