Ancoragem cambial em ambiente de elevada mobilidade internacional do capital: alcance, limites e soluções
Keywords:
stabilization, exchange rate regime, capital mobilityAbstract
External fragility, reflected in rising external debt and current account deficits, has become
a common feature of developing countries that recently (1980-90 decades) has
experienced stabilization programs based on nominal exchange rate anchor. The (new)
financial-institucional enviroment of developed contries - creditors of this debt -
characterized by the liberalization process and rising levels of capital mobility, acts as an
"externality" that can aggravate this situation and, hence, implies a permanent concern.
The article discusses two alternative strategies ofmacroeconomic adjustments of the
economies emerging from exchange rate anchor plans: i) adapting (submiting) the short
run policy, maintaining the fixed exchange rate regime; and ii) adjusting (flexibilizing) the
exchange rate regime itself. The difficulties involved in the first way point out the second
one as the more efficient and less risky strategy.
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Copyright (c) 1999 Jennifer Hermann
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