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Crawling Peg Systems and Macroeconomic Stability: The Case of Argentina 1971–8

In: Exchange Rate Rules

Author

Listed:
  • Ana María Martirena-Mantel

Abstract

This paper will return to a subject dealt with in a previous essay1 in which we studied the convergence properties of a generalised crawling peg system for a small economy open to international trade in goods and financial assets. By generalised crawling peg we understood gradual movements in several endogenous variables of the economy, namely, the wage rate, the interest rate, prices and the exchange rate, the latter being indexed to the target reserve level and to the domestic expected inflation rate. This was a possible context within which to analyse the crawling peg proposal which was advanced in the 1960s as a type of limited exchange rate flexibility, because of the failure of the system created at Bretton Woods in 1945.

Suggested Citation

  • Ana María Martirena-Mantel, 1981. "Crawling Peg Systems and Macroeconomic Stability: The Case of Argentina 1971–8," Palgrave Macmillan Books, in: John Williamson (ed.), Exchange Rate Rules, chapter 7, pages 181-206, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05166-3_9
    DOI: 10.1007/978-1-349-05166-3_9
    as

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