So Far from God and So Close to the US Dollar: Contrasting Approaches of Monetary Coordination in Latin America

Barbara Fritz

Chapter 7 in New Issues in Regional Monetary Coordination, 2006, pp 126-146 from Palgrave Macmillan

Abstract: Abstract The current international monetary system is commonly characterized as divided into three great currency blocs, with one key currency (the US dollar, the euro and the yen) playing the crucial role in each region. If these currency blocs are defined as regions with lower exchange-rate variability within each of the groups than across groups,1 this doubtlessly applies most particularly to Euroland, where the creation of the euro simply did away with intra-regional exchange rates. The western hemisphere, however, clearly does not meet this criterion. Exchange-rate variability between countries of North and South America is very high, dramatically highlighted by frequent exchange-rate crises of the Latin American economies.2

Keywords: Exchange Rate; Monetary Policy; Central Bank; Public Debt; Domestic Currency (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50244-4_7

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DOI: 10.1057/9780230502444_7

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