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Capital inflows, the current account, and the real exchange rate : tradeoffs for Chile 1977-81 (Английский)

After trying a crawling peg exchange rate and controlling inflows of foreign capital, Chile fixed its exchange rate in 1979 and opened its capital account. Drawing on recent contributions to the analysis of the current account, the paper builds a computable general equilibrium model to analyze what might have happened if Chile had followed a constant policy course during 1977-81. We explore the effects of Chile's continuing to constrain the inflows...
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