Andr��s Velasco: The Challenge of Monetary Independence: ...

Andr��s Velasco: The Challenge of Monetary Independence: "By shadowing the US Federal Reserve so closely, Latin American countries are foregoing the policy flexibility that their floating exchange-rate regimes are intended to allow. They also risk relying too heavily on possible US interest-rate cuts to boost their economies, and not enough on deeper, long-term reforms...

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