<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2007000400961</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La tendencia a la bipolarización de los regímenes cambiarios]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ripolli Alcón]]></surname>
<given-names><![CDATA[Joan]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universitat Pompeu Fabra l&#8217;Escola d&#8217;Estudis Empresarials del Maresme (EUM) ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2007</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2007</year>
</pub-date>
<volume>74</volume>
<numero>296</numero>
<fpage>961</fpage>
<lpage>986</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2007000400961&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2007000400961&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2007000400961&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Después de años de funcionamiento efectivo, los regímenes intermedios se convirtieron, a medida que avanzaba el proceso de integración financiera, en sistemas proclives a sufrir ataques especulativos. La evidencia empírica recogida en este trabajo muestra que los sistemas de tipo de cambio fijo menos estrictos (soft pegs) fueron el epicentro de la mayoría de las crisis cambiarias del decenio de los noventa en Europa, la América Latina y el Este de Asia. En consecuencia los &#8220;regímenes intermedios&#8221; y, especialmente los soft pegs, han perdido crédito en beneficio de los sistemas más extremos del espectro cambiario. Este trabajo aporta nuevas pruebas de la tendencia a la bipolarización de los regímenes cambiarios y estudia la evolución de los sistemas de tipo de cambio entre 1990 y 2004, tanto en las economías avanzadas como en las economías emergentes más integradas a los mercados de capitales internacionales.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: After years of effective functioning, the intermediate exchange rate systems ended up becoming prone to suffering speculative attacks, as the process of financial integration advanced. The empirical evidence collected in this paper endorses the fact that the less strict pegged exchange rate systems, that is soft pegs, were the epicentre of the most of exchange rate crises during &#8217;90&#8217;s in Europe, Latin America and Eastern Asia. Consequently, intermediate systems and, especially soft pegs, have lost credit to the benefit of more extreme systems of exchange rate spectrum. This paper contributes new evidence on the tendency to ward the bipolarization of the exchange rate systems and studies their evolution between 1990 and 2004, both in the advanced economies and in the emerging economies most integrated in the international capital markets.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[sistemas de tipo de cambio]]></kwd>
<kwd lng="es"><![CDATA[crisis cambiarias]]></kwd>
<kwd lng="es"><![CDATA[visión bipolar]]></kwd>
<kwd lng="es"><![CDATA[hard peg]]></kwd>
<kwd lng="es"><![CDATA[soft peg]]></kwd>
</kwd-group>
</article-meta>
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