Sistema de tipos de cambio y estrategias de salida: una reflexión en torno a los conceptos de reputación y credibilidad / Exchange rates system and exit strategies: a reflection on the concepts of reputation and credibility

Nowdays, a mayor part of the Currency Boards (CB) system tries to stabilize the inflation of the economy. In this sense, the credibility of the policies reflects not only the aspects of policymakers but also the economic fundamentals. The reputation of the government can increase according to the cost of being in a fixed system but the credibility of its policy can decrease for the same reason. The paper describes the main facts concerning the choice of the exchange rate as well as the consequences that the election can imply. Secondly, various models that have analysed the cost of leaving a fixed system (CB) are reviewed, emphasizing in the duality: reputation and credibility. Even though we have not shown, for space and time reason, the empirical evidence, we have used the experience of Argentina on this subject as a reference. Brazilian Journals of Business Braz. J. of Bus., Curitiba, v. 2, n. 4, p. 3575-3601out. /dez. 2020. ISSN 2596-1934 3576