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Abstract
This article examines inconsistencies in the assumptions on which the new macroeconomic consensus is based, before going on to propose an alternative theoretical framework for understanding how exchange rate interventions work, and the compensatory effect of capital flows in the emerging markets of Latin America. Basing its analysis on data from Brazil, Colombia, Chile and Mexico for the period between 2001-4 and 2013-3, it is inferred that sterilized intervention in the foreign exchange markets has been successful in stabilizing the nominal exchange rate, but with three serious consequences: loss of competitiveness, high levels of public indebtedness and slow economic growth.
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