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Devaluation Controversies In The Developing Countries
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Book Synopsis Devaluation Controversies in the Developing Countries by : Sebastian Edwards
Download or read book Devaluation Controversies in the Developing Countries written by Sebastian Edwards and published by . This book was released on 1992 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses historical data from the Bretton Woods era to analyze the effectiveness of devaluation-based adjustment programs in the developing countries. Forty eight major devaluations undertaken between 1954 and 1971 are investigated in detail in an effort to understand the circumstances leading to these adjustment programs, as well as their degree of effectiveness. An important aspect of the analysis is the distinction between devaluations undertaken within the context of IMF programs, and devaluations implemented independently. We find out that, in general, countries with lower income per capita and deeper economic problems tended to seek IMF support with greater frequency. Also, our analysis indicates that countries with left-wing leaning governments were less likely to embark on IMF programs. With respect to the effectiveness of these devaluation programs, our findings support the notion that devaluations accompanied by restrictive and consistent macroeconomic policies are an efficient and powerful adjustment tool. Our historical investigation also shows that, in general, countries that embarked on IMF stand-by programs tended to perform better than countries that adjusted on their own.
Author :Richard N. Cooper Publisher :Princeton, N.J. : International Finance Section, Princeton University ISBN 13 : Total Pages :48 pages Book Rating :4.4/5 (91 download)
Book Synopsis Currency Devaluation in Developing Countries by : Richard N. Cooper
Download or read book Currency Devaluation in Developing Countries written by Richard N. Cooper and published by Princeton, N.J. : International Finance Section, Princeton University. This book was released on 1971 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries by : International Monetary Fund
Download or read book Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-01-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a small analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring a nominal devaluation. The effects of postponing adjustment depend on the source of the original shock. In the case of a fiscal expansion, postponement implies a larger eventual devaluation and greater deviations of macroeconomic variables from their steady-state values. For adverse terms of trade shocks, postponement does not affect the size of the eventual devaluation, but does magnify the degree of post-devaluation overshooting by key macroeconomic variables.
Book Synopsis Economic Adjustment and Exchange Rates in Developing Countries by : Sebastian Edwards
Download or read book Economic Adjustment and Exchange Rates in Developing Countries written by Sebastian Edwards and published by University of Chicago Press. This book was released on 2007-12-01 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: In spite of the attention paid exchange rates in recent economic debates on developing countries, relatively few studies have systematically analyzed in detail the various ramifications of exchange rate policy in these countries. In this new volume from the National Bureau of Economic Research, leading economists use rigorous models to tackle various exchange rate issues, while also illuminating policy implications that emerge from their analyses. The volume, divided into four main sections, addresses: the role of exchange rates in stabilization programs and the adjustment process; the importance of exchange rate policy during liberalization reform in developing countries; exchange rate problems relevant and unique to developing countries, illustrated by case studies; and the problems defining, measuring, and identifying determinants of real exchange rates. Authors of individual papers examine the relation between commercial policies and exchange rates, the role of exchange rate policy in stabilization programs, the effectiveness of devaluations as a policy tool, and the interaction between exchange rate terms of trade an capital flow. This research will not only prove crucial to our understanding of the role of exchange rates in developing countries, but will clearly set the standard for future work in the field.
Book Synopsis Currency Devaluation in Developing Countries by : Richard N. Cooper
Download or read book Currency Devaluation in Developing Countries written by Richard N. Cooper and published by . This book was released on 1991 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Currency Devaluation in Developing Countries by : Richard N. Cooper
Download or read book Currency Devaluation in Developing Countries written by Richard N. Cooper and published by . This book was released on 1969 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contractionary Devaluation in Developing Countries by : International Monetary Fund
Download or read book Contractionary Devaluation in Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-06-29 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Exchange Rate Overvaluation and Trade Protection by : Howard J. Shatz
Download or read book Exchange Rate Overvaluation and Trade Protection written by Howard J. Shatz and published by World Bank Publications. This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Lessons from world experience about the consequences of exchange rate overvaluation (the frequent cause of trade crises), the consequences of trying to defend an overvalued exchange rate, and the most appropriate policies for resolving an overvaluation"--Cover.
Book Synopsis The Effects of Devaluation on Employment and Poverty in Developing Countries by : Ejaz Ghani
Download or read book The Effects of Devaluation on Employment and Poverty in Developing Countries written by Ejaz Ghani and published by . This book was released on 1984 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Devaluation and Monetary Policy in Developing Countries by : International Monetary Fund
Download or read book Devaluation and Monetary Policy in Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 1987-01-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Parallel Exchange Rates in Developing Countries by : Miguel Alberto Kiguel
Download or read book Parallel Exchange Rates in Developing Countries written by Miguel Alberto Kiguel and published by . This book was released on 1994 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Import Shortages and the Inflationary Impact of Devaluation in Developing Countries by : Mehdi Shafaeddin
Download or read book Import Shortages and the Inflationary Impact of Devaluation in Developing Countries written by Mehdi Shafaeddin and published by . This book was released on 1993 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Devaluation Under Pressure by : David Denoon
Download or read book Devaluation Under Pressure written by David Denoon and published by MIT Press (MA). This book was released on 1986-01 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Devaluation Under Pressure illustrates the options open to a developing country's political leaders when faced with a balance of payments crisis. It focuses on the practical problems that policymakers have in planning and implementing a currency devaluation and is based not only on the usual secondary works but also on interviews with some of the policymakers involved and on primary, classified documents. The book presents unique historical information about decision-making in India, Indonesia, and Ghana. The chapter on India, for example, summarizes the Woods-Mehta Agreement which committed the Indian Government to major policy changes that were not implemented. The precise text of this agreement is still being closely held. And the Ghana chapter includes correspondence between the author and former Prime Minister Busia who was able to review the material and provided his perspective on the devaluation and the subsequent coup which overthrew him. Although the current international financial regime is called a flexible exchange rate system, virtually all less-developed countries peg their currencies to one of the major reserve currencies and must be ready to adapt to the short-term and long-term oscillations of that currency. So the question of devaluation is a pressing issue. Also, devaluations are frequently one part of a package of policy measures that LDCs must implement in order to qualify for resources from the International Monetary Fund, private banks, and various aid donors. The three case studies of currency devaluation decisions presented here represent historically significant examples of such devaluations under pressure. The similarities and differences of the same economic policy choice in India (1966), Indonesia (1970), and Ghana (1971) have enabled the author to generalize about what drives a country to devalue its currency, the determinants of a devaluation's success, and what the critical stages are in the devaluation process. David Denoon is Associate Professor of Politics and Economics at New York University.
Book Synopsis Real Exchange Rates, Devaluation, and Adjustment by : Sebastian Edwards
Download or read book Real Exchange Rates, Devaluation, and Adjustment written by Sebastian Edwards and published by . This book was released on 1989 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real Exchange Rates, Devaluation, and Adjustment provides a unified theoretical and empirical investigation of exchange rate policy and performance in scores of developing countries. It develops a theory of equilibrium and disequilibrium real exchange rates, takes up the question of why devaluations are the most controversial policy measures in poorer nations, and discusses what determines their success or failure. In a lucid fashion, Edwards organizes vast amounts of data on exchange rates - both real and nominal - and discusses their effect on net trade balances, net asset positions, output growth, real wages, and rates of price inflation, analyzed both in time series and through cross country comparisons. Edwards's investigation singles out 39 major devaluation episodes for before and after comparative analyses while simultaneously isolating the separate effects of other important explanatory variables, such as bank credit expansion and changes in the terms of trade. The first part of the book focuses on theoretical models of devaluation and real exchange rate behavior in less developed countries. Special attention is paid to intertemporal channels in the transmission of disturbances. The second part uses a large cross country data set to analyze the way the real exchange rate has behaved in these nations. The data are also used to test the implications of several theories of real exchange rate determination. The third part analyzes actual devaluation experiences between 1962 and 1982. These chapters examine the events leading to a balance of payments crisis and to a devaluation, exploring the relation between macroeconomic disequilibrium, and the imposition of trade and exchange controls. They also investigate the effect of nominal devaluation on key variables such as the balance of payments, the current account, the real exchange rate, real output real wages, and income distribution.
Book Synopsis Resources Booms and Macroeconomic Adjustments in Developing Countries by : Mamta Banu Chowdhury
Download or read book Resources Booms and Macroeconomic Adjustments in Developing Countries written by Mamta Banu Chowdhury and published by Routledge. This book was released on 2017-11-28 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chowdhury addresses fundamental issues of policy management in resource-based developing countries, by providing an extension of the existing 'Dutch Disease' theory and its applications to the developing country context. The impact of resources booms is of paramount importance for the developing economies. To date the analytical and empirical investigations of these issues have not been available. Essentially, this study will fill this gap. The book investigates the macroeconomic impact of a resources boom and the long-term growth implications of related policy choices with reference to Papua New Guinea. Like many other primary commodity exporting developing economies, Papua New Guinea experienced several short-lived export booms over the past two and a half decades, providing a fascinating case study of potential gains from resources booms and the accompanying complex problems of policy management. This study also incorporates a comparative study of resources boom and policy management issues between Papua New Guinea, Indonesia and Nigeria.
Author :Adedotun O. Phillips Publisher :Nigerian Institute of Social and Economic Research (NISER), University of Ibadan ISBN 13 : Total Pages :30 pages Book Rating :4.F/5 ( download)
Book Synopsis Price Reform Under Structural Adjustment Programmes in Developing Countries by : Adedotun O. Phillips
Download or read book Price Reform Under Structural Adjustment Programmes in Developing Countries written by Adedotun O. Phillips and published by Nigerian Institute of Social and Economic Research (NISER), University of Ibadan. This book was released on 1990 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price and Volume Effects of a Devaluation in Developing Countries by : Arend Kouwenaar
Download or read book Price and Volume Effects of a Devaluation in Developing Countries written by Arend Kouwenaar and published by . This book was released on 2006 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a simple tool to assess the medium-term effects of a devaluation on domestic price and output levels in developing countries. It focuses on the formation of the wage rate and on government expenditure and tax policies under a devaluation, as the main determinants of the quot;pass-throughquot; process, which is described by a simple general-equilibrium dependent-economy model. The main characteristic of the model is that a nominal devaluation will only bring the economy closer toward external and internal equilibria if it is accompanied by reductions in the real government deficit and the real wage. The insertion of key parameters, available for most countries, into the reduced form of the model permits a quick and easy quantification of both price and volume effects and allows a sensitivity analysis with respect to parameter and policy assumptions. The approach is applied numerically to five African countries.
