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Política Cambiaria en Chile: La Experiencia de una Década (1984-1994)

This article offers a description and analysis of the exchange policy in Chile from 1984 to the present, with particular emphasis on the dilemmas that the authorities have had to face at different times. In the first part of the period under analysis, says the author, the exchange policy was oriented towards confronting the balance-of-payment crisis Chile experienced beginning in 1992. Room had to be made for heavy real devaluations in the currency as a result. In the second period, the international situation of Chile changed: its foreign accounts are on a much better footing and it also again has access to international capital markets. The economic success and stability of the country have translated into a massive inflow of capital that tends to appreciate the currency. In this new period, observes Rodrigo Vergara, the emphasis in the exchange policy has been to soften that inevitable appreciation of the currency.