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Monetary Policy Challenges in Latin America
This ground-breaking book analyses the severe monetary policy challenges facing Latin American countries. Contributors reflect on how these issues should be addressed by policy-makers, identifying the need for a synergic response from regional central banks.
More Information
Contributors
Contents
More Information
This ground-breaking book analyses the severe monetary policy challenges facing Latin American countries. Contributors reflect on how these issues should be addressed by policy-makers, identifying the need for a synergic response from regional central banks.
认为reg目前面临的挑战ional central banks are intrinsically related, this book examines the risks generated by an international climate of uncertainty. It explores how to address inflationary pressures, output contraction, external vulnerabilities, tightness in advanced central banks’ monetary policies, nominal dollar appreciation, and falling commodity prices. Chapters focus on key elements of monetary policy, including transmission channels, exchange rates, international reserves, sustainable finance, and income inequality, to give an alternative view on the position of regional central banks in the global financial system.
Monetary Policy Challenges in Latin America will be an invaluable resource for students and scholars of monetary policy, development economics, banking, and political economy. It will also be essential reading for policy-makers seeking new perspectives on monetary policy.
认为reg目前面临的挑战ional central banks are intrinsically related, this book examines the risks generated by an international climate of uncertainty. It explores how to address inflationary pressures, output contraction, external vulnerabilities, tightness in advanced central banks’ monetary policies, nominal dollar appreciation, and falling commodity prices. Chapters focus on key elements of monetary policy, including transmission channels, exchange rates, international reserves, sustainable finance, and income inequality, to give an alternative view on the position of regional central banks in the global financial system.
Monetary Policy Challenges in Latin America will be an invaluable resource for students and scholars of monetary policy, development economics, banking, and political economy. It will also be essential reading for policy-makers seeking new perspectives on monetary policy.
Contributors
Contributors include: Nelson Barbosa Filho, Nicolás Bertholet, Pablo G. Bortz, Esteban Pérez Caldentey, Alfredo Schclarek Curutchet, Jorge Carrera, Simone Deos, Gary Dymski, Enzo M. Gerioni, Annina Kaltenbrunner, Sylvio Antonio Kappes, William N. Kring, Gabriel Michelena, Noemi Levy Orlik, Damian Pierri, Gabriel Montes-Rojas, Daniel Pérez-Ruiz, Louis-Philippe Rochon, Nicole Toftum, Fernando Toledo, Sebastián Valdecantos, Pablo de la Vega, Matías Vernengo
Contents
Contents:
Introduction to Monetary Policy Challenges in Latin America xxi
Fernando Toledo and Louis-Philippe Rochon
PART I ALTERNATIVE VIEWS ABOUT CENTRAL
BANKS AND MONETARY POLICY IN LACS
1 Assessing the new “integrated policy framework”:
a counterfactual analysis of the case of Argentina 2
Sebastián Valdecantos
2 Macroeconomic policy under a managed floating
exchange rate regime: a critical appraisal of the
international currency hierarchy literature 16
Simone Deos and Enzo Gerioni
PART II MONETARY POLICY TRANSMISSION
CHANNELS IN LACS
3 Inflation targeting in open economies: the contradictions
of determinacy and stability 34
Esteban Pérez Caldentey and Matías Vernengo
4 Limitations of monetary policies in open developing
economies: external capital inflows and sterilisation policies 59
Noemí Levy Orlik
5 Global financial cycle and monetary policy rules:
a neo-Kaleckian model for emerging markets and
developing economies 78
Gabriel Michelena and Fernando Toledo
PART III MONETARY POLICIES AND EXCHANGE RATES IN LACS
6 Exchange rate management in Latin America: towards the
making of a policy target exchange rate 97
Daniel Pérez-Ruiz, Gary Dymski, and Annina Kaltenbrunner
7 Real exchange rates, growth, and inflation targeting 117
Nelson Barbosa Filho
8 When are devaluations more contractionary? A quantile
VAR estimation for Argentina 132
Gabriel Montes-Rojas and Nicolás Bertholet
PART IV MONETARY POLICIES, INTERNATIONAL
RESERVES, AND SUSTAINABLE FINANCE IN LACS
9 Latin American Reserve Fund: Latin America’s
alternative to the IMF? 150
William N. Kring
10 Climate change, monetary policy, and green finance in
拉丁美洲:开放的经济维度168
Pablo G. Bortz and Nicole Toftum
PART V MONETARY POLICIES, CENTRAL BANKS,
INCOME INEQUALITY, AND FISCAL POLICIES IN LACS
11 Fiscal responses to income inequality surges. A panel
estimation for Emerging Market and Developing
Economies (EMDEs) 185
Jorge Carrera, Pablo de la Vega, and Fernando Toledo
12 Fiscal and monetary policy challenges after COVID-19:
The Argentinean case 206
Damián Pierri
13 International reserves, repurchase agreements, and the
Brazilian monetary policy 220
Sylvio Antonio Kappes
14 External debt and economic growth in Latin America and
the Caribbean 230
Alfredo Schclarek Curutchet
Index 256
Introduction to Monetary Policy Challenges in Latin America xxi
Fernando Toledo and Louis-Philippe Rochon
PART I ALTERNATIVE VIEWS ABOUT CENTRAL
BANKS AND MONETARY POLICY IN LACS
1 Assessing the new “integrated policy framework”:
a counterfactual analysis of the case of Argentina 2
Sebastián Valdecantos
2 Macroeconomic policy under a managed floating
exchange rate regime: a critical appraisal of the
international currency hierarchy literature 16
Simone Deos and Enzo Gerioni
PART II MONETARY POLICY TRANSMISSION
CHANNELS IN LACS
3 Inflation targeting in open economies: the contradictions
of determinacy and stability 34
Esteban Pérez Caldentey and Matías Vernengo
4 Limitations of monetary policies in open developing
economies: external capital inflows and sterilisation policies 59
Noemí Levy Orlik
5 Global financial cycle and monetary policy rules:
a neo-Kaleckian model for emerging markets and
developing economies 78
Gabriel Michelena and Fernando Toledo
PART III MONETARY POLICIES AND EXCHANGE RATES IN LACS
6 Exchange rate management in Latin America: towards the
making of a policy target exchange rate 97
Daniel Pérez-Ruiz, Gary Dymski, and Annina Kaltenbrunner
7 Real exchange rates, growth, and inflation targeting 117
Nelson Barbosa Filho
8 When are devaluations more contractionary? A quantile
VAR estimation for Argentina 132
Gabriel Montes-Rojas and Nicolás Bertholet
PART IV MONETARY POLICIES, INTERNATIONAL
RESERVES, AND SUSTAINABLE FINANCE IN LACS
9 Latin American Reserve Fund: Latin America’s
alternative to the IMF? 150
William N. Kring
10 Climate change, monetary policy, and green finance in
拉丁美洲:开放的经济维度168
Pablo G. Bortz and Nicole Toftum
PART V MONETARY POLICIES, CENTRAL BANKS,
INCOME INEQUALITY, AND FISCAL POLICIES IN LACS
11 Fiscal responses to income inequality surges. A panel
estimation for Emerging Market and Developing
Economies (EMDEs) 185
Jorge Carrera, Pablo de la Vega, and Fernando Toledo
12 Fiscal and monetary policy challenges after COVID-19:
The Argentinean case 206
Damián Pierri
13 International reserves, repurchase agreements, and the
Brazilian monetary policy 220
Sylvio Antonio Kappes
14 External debt and economic growth in Latin America and
the Caribbean 230
Alfredo Schclarek Curutchet
Index 256
