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Currency Substitution - Theory and Evidence from Latin America (Paperback, Softcover reprint of the original 1st ed. 1987)
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Currency Substitution - Theory and Evidence from Latin America (Paperback, Softcover reprint of the original 1st ed. 1987)
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This work grew out of a series of investigations begun by the
authors in 1980 and 1981. Specifically the authors pursued two
lines of inquiry. First, to advance the state of the theoretical
lit- erature to better explain the crises of liberalization which
seemed to be afflicting the third world in general and Latin
America in particular. To do this, several different kinds of
models were in- vestigated and adapted. These are presented in
Chapters 2, 3 and 5. Secondly an analysis of the empirical evidence
was conducted in order to gain insight into the processes that were
thought to be occurring and the theoretical models that were being
developed. Some of this work appears in Chapters 3, 4, 5 and 6.
Other work by the authors on these issues has been published
elsewhere and is referenced herein. There are a great many people
whose work and whose com- ments have influenced this work. We would
like to especially thank Guillermo Calvo, Michael Connolly,
Sebastian Edwards, Roque Fernandez, Michael Darby, Robert Clower,
Neil Wallace, John Kareken, Paul McNelis, Jeffrey Nugent, Jaime
Marquez, Lee Ohanian, Leroy Laney, Jorge Braga de Macedo, Dale
Henderson, vii Matthew Canzoneiri, Arthur Laffer, Marc Miles, and
George Von Furstenberg whose ideas and comments gave rise to much
of our work. We would like to thank Suh Lee for his assistance with
the computations in Chapter 5.
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