Exchange Rate Politics in Latin America, The Asian Financial Crisis: Lessons for a Resilient Asia, Capital Flows, Capital Controls, and Currency Crises: Latin America in the 1990s, Short‐Term Capital Flows and Economic Crises
本书探讨政治因素如何导致拉美国家选择并维持经济上次优的汇率制度，分析墨西哥、巴西、阿根廷和委内瑞拉的经验，适合研究汇率政治与国际金融的学者。
In Exchange Rate Politics in Latin America, the authors examine the role of politics in the choice and sustainability of an exchange rate regime. The book begins with a chapter by Corden discussing the advantages of fixed, floating and fixed but adjustable exchange rates, and continues with four chapters discussing the experiences of Mexico, Brazil, Argentina, and Venezuela. The focus of the book is on how political factors cause governments to take decisions that are sub‐optimal on economic grounds. In Latin America, many countries chose fixed exchange rates for nominal stability, but lacked the political resolve to ensure the fiscal prudence and labour market flexibility consistent with such a regime. Likewise, when capital inflows caused real exchange rates to appreciate, policy makers suffered from what Corden terms `the syndrome of reluctant exchange rate adjustment'. They consistently failed to devalue the currency and tried to prevent depreciation by raising interest rates, often with dire real consequences.