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Esta resenha pretende fornecer uma exposição sintética do desenvolvimento das grandes questões de política macroeconômica pelo mainstream de meados da década de 80 até a crise do Sistema Monetário Europeu em 1992-93, mantendo o foco nos regimes cambiais, escolha justificada pela importância do tema nas escolhas estratégicas de política econômica na América Latina na década de 90. Essa exposição é feita em sete itens: no primeiro, discute-se a determinação das taxas de câmbio; no segundo, introduz-se um dos novos temas na política cambial: a questão da credibilidade; no terceiro, são introduzidos dois outros novos temas: controles dos movimentos de capitais e a cooperação internacional; no quarto, discute-se a designação dos instrumentos de política econômica: no quinto, as lições da crise do Sistema Monetário Europeu (SME): no sexto, a estratégia macroeconômica de desinflação competitiva; e, no sétimo e último, à guisa de conclusão, as novas faces da restrição externa são discutidas.
Abstract
This survey aims to give a condensed view of the great questions of macroeconomic policy, keeping the focus on the dilemmas involving the choice of a foreign exchange regime, posed by the developments inside the so-called mainstream school from the mid-eighties until the crisis of European Monetary System (EMS) in 1992-93. Seven interrelated themes are explored in the survey: first, the determination of the foreign exchange rate; second, the issue of credibility; third, the possibilities of exchange controls and international cooperation; fourth, the policy assignments for macroeconomic policies; fifth, the lessons of the EMS crisis; sixth, the macroeconomics of competitive disinflation in France; and seventh and last, the new faces of the external constraint.
Key words: Exchange rates. Macroeconomic policies – Exchange regimes. External constraint
Citas
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