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, Institute of Economics, Federal University of Rio de Janeiro, Brazil

• Contents:Foreword xLouis-Philippe RochonIntroduction to Central Banks and Monetary Regimes inEmerging Countries xvFernando Ferrari-Filho and Luiz Fernando de Paula1 Costs and benefits of currency internationalisation: theoryand the experience of emerging countries 1Bianca Orsi, Antonio José Alves Junior and André de Melo Modenesi2 Monetary institutions and economic performance in LatinAmerica: the experience with an inflation targeting regimein the period 2000–2020 19Eliane Araujo, Elisangela Araujo and Mateus RamalhoRibeiro da Fonseca3 Monetary policy in Brazil under the inflation targetingregime from a Contested Terrain Approach 43Assilio Araujo and Fernando Ferrari-Filho4 The unfinished stabilization of the Real Plan: an analysisof the indexation of the Brazilian economy 61José Luís Oreiro and Julio Fernando Costa Santos5 The role of capital flow management measures whenthe bubble bursts: the Brazilian experience in the globalfinancial crisis and in the COVID-19 pandemic 82Luiza Peruffo, Pedro Perfeito da Silva and André Moreira Cunha6 Back to a high-inflation regime? The Argentine economyfrom the 2000s to the COVID-19 crisis 103Hernán E. Neyra and Andrés Ferrari Haines7 The new foreign debt trap and its long run consequences:the persistence of Monetarism as a social doctrine in Argentina 126Juan Matias De Lucchi and Matías Vernengo8 The monetary circuit and the credit channel in Mexico 146Roberto Valencia Arriaga and Santiago Capraro Rodríguez9 Monetary policy in Latin America during the COVID-19crisis: was this time different? 171Luiz Fernando de Paula, Paulo José Saraiva and MateusCoelho Ferreira10 The Central Bank of Brazil in the face of the COVID-19economic crisis 190Isabela Andrade do Carmo and Fábio Henrique Bittes Terra11 The financial aspects of the COVID-19 crisis in Brazil:a Minskyan approach 208Norberto Montani Martins, Ernani Teixeira Torres Filhoand Luiz MacahybaIndex