Currency Devaluation in Developing Countries
Author | : Richard N. Cooper |
Publisher | : Princeton, N.J. : International Finance Section, Princeton University |
Total Pages | : 48 |
Release | : 1971 |
Genre | : Business & Economics |
ISBN | : |
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Author | : Richard N. Cooper |
Publisher | : Princeton, N.J. : International Finance Section, Princeton University |
Total Pages | : 48 |
Release | : 1971 |
Genre | : Business & Economics |
ISBN | : |
Author | : Mr.Arend Kouwenaar |
Publisher | : International Monetary Fund |
Total Pages | : 44 |
Release | : 1991-12-01 |
Genre | : Business & Economics |
ISBN | : 145193372X |
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author | : Anthony Lanyi |
Publisher | : |
Total Pages | : 40 |
Release | : 1969 |
Genre | : Balance of payments |
ISBN | : |
Author | : Michael D. Bordo |
Publisher | : University of Chicago Press |
Total Pages | : 692 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 0226066908 |
At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971. The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.
Author | : Sebastian Edwards |
Publisher | : Johns Hopkins University Press |
Total Pages | : 110 |
Release | : 1988 |
Genre | : Business & Economics |
ISBN | : |
This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.
Author | : Surjit S. Bhalla |
Publisher | : Peterson Institute |
Total Pages | : 283 |
Release | : 2012 |
Genre | : Business & Economics |
ISBN | : 0881326518 |
Experts have long questioned the effect of currency undervaluation on overall GDP growth. They have viewed the underlying basis for this policy--intervention in currency markets to keep the price of the home currency cheap--as doomed to failure on both theoretical and empirical grounds. Moreover, the view has been that overvalued currencies hurt economic growth but undervalued currencies cannot help in growth acceleration. A parallel belief has been that the real exchange rate--that is, a country's competitive ranking--cannot be affected by merely changing the nominal exchange rate. This view is grounded in the belief, and expectation, that inflation follows any devaluation of currency. Hence, the conclusion that the real exchange rate cannot be affected by policy. However, given China's remarkable performance in recent decades, this traditional view is being reexamined. China devalued its currency by large amounts in the 1980s and early 1990s; instead of inflation, it achieved high growth. Today, there is near-universal demand for China to significantly revalue its currency. This book examines the veracity of various propositions relating to currency misalignments, and their effect on various items of policy interest. The author subjects more than a century of global exchange rate management and growth outcomes to rigorous empirical analysis and demonstrates convincingly that a country can systematically devalue and yet prosper. The analysis helps in interpreting several phenomena, especially for the last three decades, which have witnessed high economic growth in developing countries, a widening of global imbalances, and a sharp increase in reserve accumulation, particularly among high-growth Asian economies. The book shows that these events are strongly linked via a consistent policy of currency undervaluation in Asian economies.
Author | : Richard N. Cooper |
Publisher | : |
Total Pages | : 132 |
Release | : 1969 |
Genre | : Currency question |
ISBN | : |