The myth of convertibility
Luiz Gonzaga Belluzzo
Professor titular do Instituto de Economia da Universidade de Campinas – Unicamp, Campinas/SP, Brasil.
Ricardo Carneiro
Diretor executivo do Centro de Estudos de Conjuntura e Política Econômica da Universidade de Campinas – Unicamp
Brazilian Journal of Political Economy, Vol. 24 No. 2 (2004), Apr-Jun / 2004, Pages 221-225
Abstract
A critique to the proposal of making the real convertible. The convertibility does not eliminate the hierarchy of currencies in the global space and risk premium paid by the non-convertible currencies.
JEL Classification: E50.
Keywords:
Currency convertibility hierarchy of currencies