EXCHANGE RATE POLICIES IN LATIN AMERICA AND ASIA, A COMPARATIVE STUDY

A recurrent issue in the empirical literature that relates real exchange rate levels and growth is the relatively undervalued level of the Asian currencies when compared to Latin American and African ones for the period 1970 to 1999. In most works, higher per capita growth rates and lower currency levels emerge for Asian countries, which appears to be a regional pattern. For the Latin American and African cases, the pattern seems to be the opposite. Appreciation cycles are constantly showing up together with stop and go growth episodes. Accordingly, a central issue to understand the East and Southeast Asian success, as compared to the Latin American and African failures, could be found in the way they managed their exchange rate policies and on the evolution of their real exchange rate levels. The objective of this paper is to compare the evolution of exchange rate policies and levels in Asia and Latin America from 1970 to 1999. The work reviews some aspects of exchange rate management for some of the countries in these regions based on a survey of case studies. It also presents an evolution of real exchange rate levels against the US dollar for a set of 20 countries based on World Bank data and on an exchange rate distortion index.

Light absorption spectra in oligothiophene molecules

Para el dictado de clases, se pueden utilizar diferentes herramientas que nos brindan las nuevas tecnologías; herramientas que nos están modificando los procesos de enseñanza-aprendizaje. Actualmente, hemos pasado de usar internet como una fuente de información a un recurso docente indispensable en el aula. Este artículo se fundamenta en brindar información sobre las herramientas de uso de plataforma web como recurso docente. Las plataformas son aplicables tanto a la enseñanza presencial como a distancia siendo un gran recurso didáctico que enriquece el proceso de enseñanza aprendizaje y facilita la evaluación continua del estudiante.Centro de Investigación en Lectura y Escritura (CILE

Exchange Rate Misalignment and Growth: Old and New Econometric Evidence

Several studies have tried to identify the relationship between growth and misaligned or overvalued currencies. Many works (Easterly (2001) and Fajnzylber et alii (2002)), find negative correlations between exchange rate misalignment and growth for a long list of developing countries since the seventies; the more overvalued the currency, the smaller the per capita growth rates. Even after controlling the regressions for several types of variables, the studies cannot reject the statistical significance of overvalued exchange rates in explaining growth. This paper presents new econometric evidence for the exchange rate levels and growth relation based on a panel data study for 58 developing countries from 1960 until 1999 using PPP deviation measures. Our main contribution here is to estimate growth regressions with a real exchange rate index that deals with changes in real GDP per capita levels. We use a new overvaluation index that takes into account variations in real per capita incomes, adjusting, thus, our exchange rate estimates for the so-called Balassa-Samuelson effect. By correcting traditional real exchange rate annual estimates for GDP per capita increases, we intend to control our whole series for appreciations due to productivity increases as many authors do for some specific years.Exchange Rate Levels, Overvaluations, Growth