Polityka pieniężna i walutowa w krajach Ameryki Południowej
Monetary and Exchange Rate Policies in South American States

Summary/Abstract: The article contains a comprehensive review, classification, and comparative assessment of monetary and exchange rate policies performed in South American countries and their relationship to the model policy recommended by international financial organizations and based on the traditional economic theory, aimed at the realization of the adopted inflationary target, with a floating exchange rate and free capital movements. The author shows that the concrete monetary and exchange rate standards applied in the individual countries of South America differ widely and change over time, but the instruments and solutions used in the framework of monetary and exchange rate policy go far beyond the narrowly conceived inflationary targeting, floating exchange rate and free capital flows. Some deviations from the traditional model of monetary policy were caused by the impact of global financial crisis, but the most significant factor behind the non-conventionality is the desire to stimulate growth of the domestic economy and to raise the level of social well-being. The paper is a voice in the debate about the applicability of various monetary systems and exchange rate standards in the peculiar situation of developing countries.

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