An emerging market country that successfully used exchange-rate targeting to lower its inflation from above 100 percent in 1988 to below 10 percent in 1994 (before devaluation)was

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Mexico successfully used exchange-rate targeting to significantly reduce its inflation rate from levels above 100 percent in 1988 to below 10 percent by 1994, before the devaluation of the peso.

An Emerging Market Country That Successfully Used Exchange-Rate Targeting to Lower