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Barbara Fritz

First paragraph

Der »Bericht zu Handel und Entwicklung« der UNCTAD (»Konferenz der Vereinten Nationen zu Handel und Entwicklung«) steht zu Recht im Ruf, eine fundierte alternative Sichtweise auf internationale wirtschaftliche Zusammenhänge und Entwicklungsfragen zu vermitteln. Der jährlich erscheinende Bericht ist die zentrale UNO-Publikation zu internationalen Wirtschaftsfragen und ihren Auswirkungen auf die Entwicklungsländer. Er widmet sich jedes Jahr zum einen der Analyse globaler Trends und der Entwicklung der internationaler Handels- und Finanzströme, und zum anderen einem spezifischen Thema. Im Jahr 2001 standen Fragen der internationalen Finanzarchitektur im Mittel-punkt; im letztjährigen Bericht wurde die Stellung der Entwicklungsländer im Welthan-del thematisiert, in diesem Jahr stand der Vergleich zwischen Asien und Lateinamerika auf der Tagesordnung.

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Barbara Fritz and Daniela Magalhães Prates

Capital account regulation (CAR) has experienced profound reconsideration since the global financial crisis. This new debate focuses on the macroeconomic gains of regulating international capital flows in terms of reducing external and financial vulnerability, but it does not consider relevant aspects relating to the context in which these regulations are implemented. In this paper, we undertake a comparative analysis of similar types of CAR applied in Brazil during the 1990s and 2000s. Based on this analysis, we conclude that for the design of CAR, which is relevant for its effectiveness, institutional features of both the financial market and the macroeconomic regime, shaped by macroeconomic constraints, are relevant. For the case of Brazil, we conclude that, contrary to the 2000s, the strong preference given to inflation stabilization in the 1990s, together with high external vulnerability, strongly limited the CAR's design of this period.

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Barbara Fritz, Luiz F. de Paula and Daniela Magalhães Prates

In this paper, we develop a Keynesian–structuralist perspective on the origins and implications of the currency hierarchy in the international monetary and financial system. We show that international asymmetry in monetary affairs results in structural implications for peripheral economies. Our main hypothesis is that the international asymmetry related to the currency hierarchy, amplified by financial globalization, imposes major constraints on the adoption of Keynesian policies in these economies. These vary over time and space and depend on certain structures, such as the specific global monetary regime, as well as on domestic institutions and policy variables. For this purpose, we first develop the concept of currency hierarchy and then discuss the structural policy space limitations for the countries at the bottom of this hierarchy. Finally, we provide some brief reflections on the challenges connected to climbing this hierarchy.