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Federico Sturzenegger

Federico Sturzenegger is President of the Banco Ciudad de Buenos Aires. He is the coauthor, with Jeromin Zettelmeyer, of Debt Defaults and Lessons from a Decade of Crises (MIT Press, 2007).

Titles by This Editor

Private Investment without Public Commitment
Debates and Policy Alternatives

With the persistent instability of international financial markets, emerging economies are exploring new ways to reduce exposure to capital flow volatility. Some analysts argue that financially open economies are best served by more flexible regimes, while others argue in favor of extreme exchange rate regimes that have a strong commitment to a fixed parity or dispense with an independent currency. The successful launch of the euro has made more realistic the prospect of replacing a national currency with a strong foreign one.

In this book, Federico Sturzenegger and Mariano Tommasi propose formal models to answer some of the questions raised by the recent reform experience of many Latin American and East European countries. They apply common standards of analytical rigor to the study of economic and political behavior, assuming political agents to be rational and forward-looking, with expectations consistent with the properties of the underlying model.The book is organized around three basic questions: first, why do reforms take place? Second, how are reforms implemented?