Regimes Cambiais: A Teoria na Prática

Abstract

This article deals with the choice and changes of foreign exchange regimes during the decades of 1990 and 2000 in different states. The paper shows some empirical results which suggest, mainly after 2003, that an increasing number of countries adopted managed exchange as opposed to floating exchange, the theoretical “consensus” established after Bretton-Woods. In a scenario where economies move to fixed rates, the countries that retain floating currencies can be drawn into a dangerous situation, in which their currencies appreciate unfairly.