This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financia

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a

What causes currency substitution (foreign money substituting for domestic money)? What significance has it had in recent banking crises? And what is the relati

Guillermo Calvo, who foresaw the financial crisis that followed the devaluationn of Mexico's peso, has spent much of his career thinking beyond the conventional