The exchange rate affects the economy through many channels and, consequently, has diverse macroeconomic and development impacts. Five are analysed in this paper: resource allocation, economic development, finance, external balance and inflation. The use of the exchange rate as a developmental...

Macroeconomic theory will surely be affected by the current global crisis. There are signs that some 'old' theories and insights will have a comeback. This paper argues that among them economists should not forget the lessons that have been learnt from three decades of several financial crises...

Introducción. Entre 1981 y 1982 el alto nivel de endeudamiento externo alcanzado por numerosas economías del Tercer Mundo desencadenó una severa crisis financiera internacional. Ésta prácticamente hizo desaparecer el financiamiento externo voluntario para esas economías, hasta entonces...

La experiencia del desarrollo en diferentes países parece variar ampliamente. Una pregunta sensata para comenzar podría ser: ¿ es posible tener un enfoque general y único de la política del desarrollo? La respuesta del Informe acerca del desarrollo mundial de 1991(o IDM) del Banco Mundial...

This article, originally published in Spanish in La Nación, December 31, 2006, explains the mechanics of the Argentine Central Bank's intervention in exchange rates markets to target a stable and competitive exchange rate, a macroeconomic policy that has played a significant role in Argentina's...