Resumo

MATA MOLLEJAS, Luis  e  LEVY CARCIENTE, Sary. Estabilidad cambiaria para Suramérica: esbozos teóricos y opciones de política. CDC [online]. 2003, vol.20, n.52, pp.53-77. ISSN 1012-2508.

The frequent crises call attention to the need to restructure the International Monetary System so as to facilitate the creation of stable exchange regimes. But the definition of exchange regimes should not be limited to the distinction between fixed and floating exchange-rate types, closely linked to trade and the merchandise-money concept; it should address the influence of the financial factors as well. From that perspective, the theory points to the desirability of an essentially abstract single currency. Meanwhile, financial substitution or bimonetarism is proposed as a temporary expedient that, combined with the deepening of integration, will open up paths toward a more autonomous future for the South American economies.

Palavras-chave : Financial substitution; Partial dollarization; Bimonetarism; Exchange stability.