By Sebastian Edwards
This volume's essays, written via recognized teachers and coverage analysts, speak about the impression of elevated capital mobility on macroeconomic functionality. The authors spotlight the main sufficient how one can deal with the transition from a semi-closed financial system to a semi-open one. also, concerns relating to the dimension of openness, financial regulate, optimum alternate charges regimes, sequencing of reforms, and actual alternate expense dynamics lower than various levels of capital mobility are rigorously analyzed; components lined comprise Europe, the Asian Pacific zone, and Latin the United States.
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Additional resources for Capital Controls, Exchange Rates, and Monetary Policy in the World Economy
Rivista di Politica Economica 79, no. 12 (December): 351-464. (1989c). Latin American Debt and the Transfer Problem: Introduction. In Brock, Connolly, and Gonzalez-Vega (1989): 1-17. (1990). The International Distribution of Saving: Past, Present and Future. Rivista di Politica Economica 80, no. 10 (September): 5-56. (1991a). The Great Exchange Rate Controversy: Trade Balances and the International Monetary System. ), International Adjustment and Financing: The Lessons of 1985-1991. : Institute for International Economics, 187-239.
Cuadra, Sergio de la, and Salvador Valdes. (1992). Myths and Facts about Financial Liberalization in Chile. In Brock (1992): 11-101. Dornbusch, Rudiger. (1992). Disinflation and Real Exchange Rates. Mimeograph copy of paper presented at the University of Chicago International Economics Workshop Conference, October 24. Dornbusch, Rudiger, and Yung Chul Park. (1987). Korean Growth Policy. Brookings Papers on Economic Activity 2: 389-444. Edwards, Sebastian. (1984). The Order of Liberalization of the External Sector in Developing Countries.
Fixing the exchange rate brakes the rise in the prices of international goods, but wage rates and the price of domestic goods may continue to increase. If the momentum of wage rates continues after exchange rate stabilization, they will overshoot equilib1 For recent discussions of the adjustment process see Mundell (1989a, 1989b, 1991b, 1992c). Stabilization policies in semi-open economies 21 rium, leading to a decline in competitiveness of (especially nontraditional) exports and the general syndrome of overvaluation.