This paper uses simple analytics to show the similarities and differences between inflation targeting and fear of floating in emerging markets. The analytics provide well-defined predictions for the behaviour of exchange rates and relevant monetary variables under both regimes. This allows us to distinguish clearly one regime from another and empirically test whether or not a country that targets inflation also exhibits a fear of floating. We analyse the recent experience in Mexico where the authorities now claim to be following an inflation targeting regime. Mexico is also one of the countries claimed to exhibit a fear of floating. Using data from Banco de México, we first confirm that by standard measures Mexico exhibits fear of floating. Second, we show that Mexico is inflation targeting and discuss the relationship and test for a distinction between the two. Finally, we conclude by discussing our results and their implications for other emerging market inflation targeters. Copyright © 2004 John Wiley & Sons, Ltd.

No abstract

Remittances are private monetary transfers. Yet the rapidly growing literature on the subject often ignores the role that exchange rate regimes play in determining the effect remittances have on a recipient economy. This paper uses a theoretical model and panel vector autoregression techniques to explore the role exchange rate regimes play in understanding the effect of remittances. The analysis considers yearly and quarterly data for seven Latin American countries. Our theoretical model predicts that remittances should temporarily increase inflation and generate an increase in the domestic money supply under a fixed regime, but temporarily decrease inflation and generate no change in the money supply under a flexible regime. These differences are borne out in the data. This adds to our understanding of the true effect of remittances on economies and suggests that other results in the literature that do not control for regimes may be biased.

In the synthesis of a library of N-alkyl-3-aza-8-oxabicyclo[3.2.1]octane-6,7-dimethanol derivatives, prepared from an 7-oxabicyclo[2.2.1]hept-2-ene-5,6-dimethanol derivative via ring opening metathesis polymerisation using Cl 2 (Cy 3 P) 2 RuNCHPh, selective alkylation, ozonolytic scission of the polymer backbone and reductive alkylation, purification was facilitated by the differential solubility of the polymer intermediates.

No abstract