This paper analyses in depth the causes of the Mexican peso crisis, so as to learn relevant lessons for similar crisis occurring in other developing or transitional economies. The study follows a relatively chronological order, examining first the apparently golden period, when Mexico was...

This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in the last decade. We study a standard monetary model where the fully rational expectations assumption is replaced by a formal definition of quasi-rational learning. The model...

Apres avoir etutie les evolutions recentes en Argentine, qui illustrent bien les mecanismes importants, nous construisons un models theorique a deux periodes pour mettre en evidence les differents avantages et inconvenients de la fixite ou de la flexibilite, et determiner le degre optimal de...