Die Achterbahnfahrt der lateinamerikanischen Währungen

BUENOS AIRES – Seit dem Zweiten Weltkrieg haben die Länder Lateinamerikas als eine Art Währungslabor gedient. In der Region wurden zahllose Wechselkurssysteme ausprobiert – einige davon erfolgreich, andere scheiterten komplett.

In allen Fällen hat jedoch die Wechselkurspolitik eine zentrale Rolle für die makroökonomischen Gesamtergebnisse dieser Länder gespielt. Und heute, nach zwei turbulenten Jahrzehnten, scheinen sie sich einem einheitlicheren und nachhaltigeren System anzunähern.

Die 1980er Jahre waren für die meisten lateinamerikanischen Länder ein entsetzliches Jahrzehnt. Der zweite Ölschock und hohe internationale Zinssätze führten zusammen mit einem Mangel an ausländischen Investitionen zu großen internen wie externen Ungleichgewichten und hohen Auslandsschulden. In allen großen Ländern waren Zahlungsausfälle die Folge sowie erhebliche und anhaltende Wechselkurskorrekturen und eine schwerwiegende Inflations-/Deflationsspirale gegen Ende des Jahrzehnts, die in einigen Fällen an eine Hyperinflation grenzte.

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