The purpose of this study is to gauge the performance of unilateral target zones arrangements in two Latin American countries, Mexico and Chile. In doing so we look at the institutional and historical evolution of these exchange rate regimes. We then deal with performance in a more formal...

Empirical evidence of currency substitution as measured by dollarization in Latin America usually accords with theoretical explanations (Calvo and Végh, 1992, and Giovannini and Turtelboom, 1993). But some studies find anomalies. For example, Rogers (1992a and 1992b) finds that between 1978 and...

El análisis reciente que postula la privatización de las empresas públicas tanto en las economías en desarrollo como en las desarrolladas procede del postulado de que la propiedad privada implica una producción más eficiente ceteris paribus. Haciendo a un lado la eficiencia distributiva y...

La política del tipo de cambio de México y el programa de estabilización han llegado a un importante punto de cambio. El tipo de cambio entre el peso y el dólar desempeña ahora dos papeles contradictorios en potencia en el actual programa de estabilización de México. El lento...

"Hypercrowding out occurs when fiscally dominated governments' domestic credit demands are so intrusive to a nation's financial system that a move toward fiscal surplus lowers interest rates and increases growth. We sample nine Latin American countries to test for these relationships. The...

We test for hypercrowding out as a signal of market concerns over fiscal dominance in five Latin American countries. Hypercrowding out occurs when fiscally dominated governments’ domestic credit demands are perceived as so intrusive to a nation’s financial system that a move towards fiscal...