Conventional wisdom claims that fixed exchange rates provide more fiscal discipline than do flexible rates, but the recent experiences in Europe, the record of Sub-Saharan countries in the 1980s, and the history of stabilization attempts in Latin America cast empirical doubts on this wisdom. To...

Conventional wisdom claims that fixed exchange rates provide more fiscal discipline than do flexible rates, but the recent experiences in Europe, the record of Sub-Saharan countries in the 1980s, and the history of stabilization attempts in Latin America cast empirical doubts on this wisdom. To...

(Disponible en idioma inglés únicamente) La opinión convencional es que los tipos de cambio fijos permiten una mayor disciplina fiscal que los tipos flexibles, pero las experiencias recientes en Europa, la experiencia de los países subsaharianos en los años 80 y los antecedentes de los...