Central Banks and Monetary Regimes in Emerging Countries

Edited by Fernando Ferrari-Filho, Full Professor of Economics, Department of Economics and International Relations, Federal University of Rio Grande do Sul, Porto Alegre, and Researcher, National Council for Technological and Scientific Development (CNPq), Brasília, Brazil and Luiz Fernando de Paula, Professor of Economics, Federal University of Rio de Janeiro, Rio de Janeiro, and Researcher, CNPq, Brasília, and Rio de Janeiro Research Foundation (FAPERJ), Rio de Janeiro, Brazil

Contents:

Foreword x
Louis-Philippe Rochon
Introduction to Central Banks and Monetary Regimes in
Emerging Countries xv
Fernando Ferrari-Filho and Luiz Fernando de Paula
1 Costs and benefits of currency internationalisation: theory
and the experience of emerging countries 1
Bianca Orsi, Antonio José Alves Junior and André de Melo Modenesi
2 Monetary institutions and economic performance in Latin
America: the experience with an inflation targeting regime
in the period 2000–2020 19
Eliane Araujo, Elisangela Araujo and Mateus Ramalho
Ribeiro da Fonseca
3 Monetary policy in Brazil under the inflation targeting
regime from a Contested Terrain Approach 43
Assilio Araujo and Fernando Ferrari-Filho
4 The unfinished stabilization of the Real Plan: an analysis
of the indexation of the Brazilian economy 61
José Luís Oreiro and Julio Fernando Costa Santos
5 The role of capital flow management measures when
the bubble bursts: the Brazilian experience in the global
financial crisis and in the COVID-19 pandemic 82
Luiza Peruffo, Pedro Perfeito da Silva and André Moreira Cunha
6 Back to a high-inflation regime? The Argentine economy
from the 2000s to the COVID-19 crisis 103
Hernán E. Neyra and Andrés Ferrari Haines
7 The new foreign debt trap and its long run consequences:
the persistence of Monetarism as a social doctrine in Argentina 126
Juan Matias De Lucchi and Matías Vernengo
8 The monetary circuit and the credit channel in Mexico 146
Roberto Valencia Arriaga and Santiago Capraro Rodríguez
9 Monetary policy in Latin America during the COVID-19
crisis: was this time different? 171
Luiz Fernando de Paula, Paulo José Saraiva and Mateus
Coelho Ferreira
10 The Central Bank of Brazil in the face of the COVID-19
economic crisis 190
Isabela Andrade do Carmo and Fábio Henrique Bittes Terra
11 The financial aspects of the COVID-19 crisis in Brazil:
a Minskyan approach 208
Norberto Montani Martins, Ernani Teixeira Torres Filho
and Luiz Macahyba

Index