
Flexible exchange rate aids those hit by commodity shock, IMF report says

Effects of the fall in commodity prices have been “less painful” for Latin American countries that use a flexible exchange rate, a chapter from the International Monetary Fund’s World Economic Outlook finds.
Across South America, export revenues have fallen by a third as the price of oil, metals and some agricultural products declined. However, the subsequent shocks were muted somewhat in countries that operate a flexible exchange rate as a “shock absorber”.
Using a ‘sacrifice ratio’ – the
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