Latin America’s Currency Roller Coaster
The collapse of Latin America’s currency pegs in the financial crises of the 1990’s led most countries to adopt a floating exchange rate. But authorities throughout the region have maintained the flexibility to intervene in order to preserve competitiveness - a policy that has insulated their economies from the worst effects of the recent crisis.
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BUENOS AIRES – Ever since World War II, the countries of Latin America have served as something of a currency laboratory. Across the region, countless exchange-rate regimes have been tried – some succeeding, others failing abysmally.