Peripheral countries have a specific dynamics on their exchange and interest rates and on the conduction of their economic policy that is rarely considered by conventional economic theory. National currencies have different status and usages in world economy, engendering different standards for these currencies demand and for the capital that flows to or from the issuer countries. This paper is based on the hypothesis that these different places currencies occupy on the International Monetary System (IMS) - that characterizes the "hierarchy of currencies" - constitute the central element to explain the peculiarities of the exchange and interest rates paths and, finally, on the conduction of the economic policies, influencing therefore the countries' possibilities of development. Hence, this paper aims to analyze countries' exchange and interest rates differentiated dynamics, relating them to IMS features.
Peripheral currencies; International liquidity; Exchange rate; Interest rate; Economic policy
