Contractionary Devaluation In Developing Countries
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Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 56 |
Release | : 1988-06-29 |
Genre | : Business & Economics |
ISBN | : 1451970528 |
This paper evaluates the growing literature on whether devaluation has contractionary effects on output in developing countries. It explores the nature of the links between the exchange rate and real output within a unified, fairly general analytical framework which incorporates a number of the developing-country features cited in this literature. The analysis suggests that many of the arguments on both sides of the contractionary devaluation debate require modification and that a number of potential effects have been ignored. It is concluded that the direction of the impact effects of devaluation on real output is ambiguous on analytical grounds. MASTER FILES ROOM C-130 001
Author | : Richard N. Cooper |
Publisher | : Princeton, N.J. : International Finance Section, Princeton University |
Total Pages | : 48 |
Release | : 1971 |
Genre | : Business & Economics |
ISBN | : |
Author | : J. Saul Lizondo |
Publisher | : |
Total Pages | : 56 |
Release | : 2006 |
Genre | : |
ISBN | : |
This paper evaluates the growing literature on whether devaluation has contractionary effects on output in developing countries. It explores the nature of the links between the exchange rate and real output within a unified, fairly general analytical framework which incorporates a number of the developing-country features cited in this literature. The analysis suggests that many of the arguments on both sides of the contractionary devaluation debate require modification and that a number of potential effects have been ignored. It is concluded that the direction of the impact effects of devaluation on real output is ambiguous on analytical grounds.
Author | : Felipe LarraĆn B. |
Publisher | : |
Total Pages | : 116 |
Release | : 1985 |
Genre | : Balance of trade |
ISBN | : |
Author | : Richard N. Cooper |
Publisher | : |
Total Pages | : 38 |
Release | : 1971 |
Genre | : Devaluation of currency |
ISBN | : |
Author | : Shaghil Ahmed |
Publisher | : |
Total Pages | : 54 |
Release | : 2002 |
Genre | : Devaluation of currency |
ISBN | : |
Author | : S. Charusheela |
Publisher | : Routledge |
Total Pages | : 276 |
Release | : 2013-09-13 |
Genre | : Business & Economics |
ISBN | : 1135409838 |
This book argues that the debates about the appropriate economic policies to follow in the developing world within the field of development economics are at heart debates about the appropriate ontology to ascribe to agents within the developing world.
Author | : Ida Aghdas Mirzaie |
Publisher | : International Monetary Fund |
Total Pages | : 32 |
Release | : 2003-10-01 |
Genre | : Business & Economics |
ISBN | : 1451860188 |
The paper examines the effects of exchange rate fluctuations on real output and the price level in a sample of 33 developing countries. The theoretical model decomposes movements in the exchange rate into anticipated and unanticipated components. Unanticipated currency fluctuations help to determine aggregate demand through exports, imports, and the demand for domestic currency, and aggregate supply through the cost of imported intermediate goods. Anticipated exchange rate depreciation, through the supply channel, has limited effects on output growth and inflation. Unanticipated currency fluctuations appear more significant, with varying effects on output growth and price inflation across developing countries.
Author | : Richard N. Cooper |
Publisher | : |
Total Pages | : 55 |
Release | : 1969 |
Genre | : |
ISBN | : |
Author | : Deepak Mishra |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 2003-11-01 |
Genre | : Business & Economics |
ISBN | : 1451875525 |
This paper analyzes the behavior of output during currency crises using a sample of 195 crisis episodes in 91 developing countries during 1970-98. It finds that more than two-fifths of the crises in the sample were expansionary, and that output contraction was greater in large and more developed economies than in small and less developed economies. Currency crises have not been any more contractionary in the 1990s than in the previous two decades. Countries that traded less with the rest of the world, that had a relatively open capital account, and where crises were preceded by large capital inflows were more likely to be associated with contraction during crises. The contraction was more pronounced if trade competitors devalued, oil prices rose during the crisis, and postcrisis period was marked by tight monetary policy and expansionary fiscal policy.