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Post-Cepaline Reflections on Inflation and External Crisis

Author

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  • Edmar Lisboa Bacha

Abstract

The UN/ECLA 1949 Manifesto centered on inflation and balance of payments as critical issues on Latin America’s development. Fifty years afterwards, Latin America succeeded both conceptually and in practice to overcome the high inflation syndrome. Not so the external strangulation, which is still very much present in the region. After reviewing recent conceptual advances in understanding the “dollar constraint” problem, the paper discusses Persio Arida’s proposal for a fully convertible floating currency as a means of building a domestic long-term financial market. JEL Classification: F32; F41; F43; O11; O54.

Suggested Citation

  • Edmar Lisboa Bacha, 2003. "Post-Cepaline Reflections on Inflation and External Crisis," Brazilian Journal of Political Economy, Center of Political Economy, vol. 23(3), pages 489-496.
    • Handle: RePEc:ekm:repojs:v:23:y:2003:i:3:p:489-496:id:911
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    More about this item

    Keywords

    Latin America; balance of payments; Cepal; two gaps; inertia; inflation;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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