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ExchangeRate Flexibility and
The Intervention Syndrome
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aggregate agriculture bank credit banking system borrowers Brazil capital accumulation capital market Chapter Chile commodity cost deflation domestic efficient entrepreneurs equilibrium export external finance farmers financial assets financial growth financial repression firm-households firms foreign capital foreign exchange foreign trade fragmentation full-liquidity rule Hence holders holding money import income increase industry inflation tax inflows inputs internal Japan Keynesian Korea labor LDCs less developed countries liberalization loans marginal monetary policy monetary system moneylenders neoclassical model nominal interest rate nominal money nominal rates optimal percent period physical capital poor countries production propensity to save rate of inflation rates of interest rates of return ratio real cash balances real money balances real rates real return real stock reduced reform return on holding return on money rise rural savers savings deposits sector seigniorage self-finance stock of money store of value subsidy substitution sumer tariff theory tion