The book focuses on the recent experience of Latin America economies with designing, announcing, and implementing monetary policies with different internal and external anchors. Given the often dismal track record of monetary stabilization in Latin America, it deals primarily with the conditions of the economies such as their exposure to real exogenous shocks, high dollarization, regulated and segmented labor markets, lack of reputation of past policies and monetary institutions, and turbulences from deep financial and currency crises. Lessons from European monetary integration are taken into consideration as well as regimes between the extremes of full exchange rate flexibility and fixed exchange rates applied in other emerging markets. Finally, the role which regional integration in Latin America can play to reduce the extent of asymmetric shocks is discussed as a companion piece to joint efforts to fight monetary instability. TOC:Reducing Inflation through Inflation Targeting: The Mexican Experience.- How Has NAFTA Affected the Mexican Economy? Review and Evidence.- Argentina: Monetary Policy by Default.- Do Exchange Rates Matter in Inflation Targeting Regimes? Evidence from a VAR Analysis for Poland and Chile.- Argentina and Brazil Risk: A "Eurocentric" Tale.- Macroeconomic Shocks, Inflation, and Latin America`s Labor Market.- Monetary Policy Rules in Emerging Market Economies: Issues and Evidence.
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