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Monetary Space in Latin America: A Criterion to Regime Selection

Author

Listed:
  • Eduardo Ariel Corso

    (Centro de Estudios de Estado y Sociedad (CEDES))

Abstract

This paper deals with a theoretical and empirical approach to analyze the selection of exchange rate/monetary regimes in emerging economies based on the “monetary space”, i.e. the framework where monetary policy should be developed. In turn, the monetary space was defined on the basis of four axes: fiscal dominance, external dominance, financial dominance and the size of the financial system.

Suggested Citation

  • Eduardo Ariel Corso, 2007. "Monetary Space in Latin America: A Criterion to Regime Selection," BCRA Working Paper Series 200727, Central Bank of Argentina, Economic Research Department.
    • Handle: RePEc:bcr:wpaper:200727
    as

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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/WP%202007%2027e%20Premio.pdf
    File Function: Spanish version (versión en Español)
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    Keywords

    emerging markets; exchange rate and monetary regime; financial assets sustituibility; financial dominance; financial system size; fiscal dominance; monetary policy; monetary space;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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