Floating Exchange Rates in Less-Developed Countries: A Monetary Analysis of the Peruvian Experience, 1950-54
从货币视角分析秘鲁1950-54年浮动汇率经验，用月度数据检验汇率决定的简单货币方法，结果支持该视角作为分析发展中国家浮动汇率行为的基准。
SINCE THE COLLAPSE of the Bretton Woods system in 1973 there has been an increasing discussion concerning the appropriateness of different exchange rate systems for less-developed countries (LDCs). However, this discussion has been marked by the absence of empirical analysis on how floating exchange rate systems behave in LDCs. The purpose of this paper is to analyze, from a monetary perspective, the Peruvian experience with floating exchange rates during the early l950s. A short-run version of the simple monetary approach to exchange rate determination is tested using monthly data for 1950-54. The results obtained are quite satisfactory, indicating that the monetary view of exchange rate determination provides a useful benchmark for analyzing the behavior of floating exchange rates in developing economies. l