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Arminio Fraga, a former hedge-fund manager who is Brazil's new central-bank boss, warned a Senate committee last week that it would have to be "restrictive", so as to stop the one-off effect of devaluation on prices turning into inflation.
The result is a loss of experience with different perspectives, which can contribute to an insular world view, on the one hand, and experiences of social exclusion and devaluation on the other [ 10].
So the impact of devaluation on the cost of the debt should be short-lived.
It now auctions dollars to the highest bidder, which allows it to blame devaluation on market forces.
The kwacha is likely to be floated, and donors have promised to help combat the impact of devaluation on the poor.
Further weighing on muni prices, and keeping yields aloft, are concerns about the possible impact of housing devaluation on municipal revenues.
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And yet even Argentina didn't witness the savage wage devaluation going on in Spain.
In 1994, the peso underwent a sudden devaluation, brought on by ill-conceived election-year policies of the incumbent government.
The Iranian currency, the rial, is in free fall as the country braces for a fresh devaluation brought on by the economic restrictions.
After driving shares up throughout the week, investors let the air out of Goodyear Tire & Rubber on Friday when the company said profits in the second half of 2010 would be pressured by material costs and Venezuelan currency devaluations weighing on profits.
ECONOMY Mexico's economy continues to rebound from the peso devaluation of 1994: year-on-year GDP growth jumped to 8.8% in the second quarter, the fifth consecutive quarter of positive growth and the fastest rate since 1981.
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