Why Do Countries Float the Way They Float?

Countries that are classified as having floating exchange rate systems (or very wide bands) show strikingly different patterns of behavior. They hold very different levels of international reserves and allow very different volatilities in the movements of the exchange rate relative to the volatility that they tolerate either on the level of reserves or in interest rates. We document these differences and present a model that explains them as the optimal response of a Central Bank that attempts to minimize a standard loss function, in an environment in which firms are credit-constrained and incomplete markets limit their ability to avoid currency mismatches. This model suggests that the difference in the way countries float could be related to their differing levels of exchange rate pass-through and differences in their ability to avoid currency mismatches. We test these implications and find a very strong and robust relationship between the pattern of floating and the ability of a country to borrow internationally in its own currency. We find weaker and less robust evidence on the importance of pass-through to account for differences across countries with respect to their exchange rate/monetary management.

Budget Institutions and Fiscal Performance in Latin America

In this paper detailed information on the budget institutions of Latin American countries is collected. These institutions are classified on a hierarchical/collegial scale, as a function of the existence of constraints on the deficit and voting rules.

El desajuste financiero y la elección de régimen cambiario

(Disponible en idioma inglés únicamente) El desajuste financiero se está convirtiendo en algo corriente en América Latina. Los años 90 se caracterizaron por una gran inestabilidad en la magnitud y el costo de los flujos de capitales. La correlación de los vaivenes de los capitales entre países distintos sugiere que la calidad de las políticas de los mercados emergentes, además de los factores mundiales, han sido los factores principales de esta situación. Por lo tanto, la responsabilidad del desajuste financiero se ha alejado de las políticas internas inadecuadas. En vez de ello, el paradigma se ha desplazado hacia uno de determinar cuáles políticas internas o internacionales son las más eficaces para atemperar las repercusiones desestabilizadoras de los flujos de capitales inherentemente inestables.

What is the current scenario of cardiac rehabilitation in Brazil and Portugal?

© Sociedade Brasileira de Cardiologia - SBC. This is an open-access article distributed under the terms of the Creative Commons Attribution LicenseIn truth, the objective is to sketch a brief profile of what is taking place with CR in both countries, attempting to inform readers about a reality that is absolutely disconnected from what we see in other areas of cardiology. Speaking not out of envy, but rather out of concern as rehabilitators, we see cardiology flourish in terms of medications and devices that change the quality and quantity of patients’ lives, therapies based on the best evidence described in the guidelines, and invasive procedures that save lives or significantly reduce damage, in addition to observing that personalized medicine is “knocking on the door” and promising a potential revolution in the management of monogenic and polygenic diseases. In short, wherever there is investment, dissemination, and marketing, cardiology is an unmistakable example of success.info:eu-repo/semantics/publishedVersio

Exercício Físico em Pacientes Cardiopatas e na População em Tempos de Coronavírus

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Physical exercise in patients with heart disease and in the general population in times of coronavirus

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