The challenge of monetary independence
Velasco, A.
(2019).
The challenge of monetary independence.
Project Syndicate,
(2019).
The challenge of monetary independence.
Project Syndicate,
By shadowing the US Federal Reserve so closely, Latin American countries are foregoing the policy flexibility that their floating exchange-rate regimes are intended to allow. They also risk relying too heavily on possible US interest-rate cuts to boost their economies, and not enough on deeper, long-term reforms.