The Political Economy of Exchange Rate Policy in Latin America

Abstract

this paper, we explore whether political economy factors have been important determinants of exchange rate policy in Latin America. One way in which we do this is by studying the determinants of the choice of exchange rate regime in Latin America, placing special emphasis on political, institutional and interest group explanations. The presumption is that differences in institutional and political settings, as well as differences in economic structure, can have an effect on the choice of regime and, more generally, on exchange rate policy. In addition to these structural elements, we examine whether certain political events, such as elections and changes in government, affect the pattern of nominal and real exchange rates.

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