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When Devaluation Breeds Contempt


The Economist, Nov 24, 1990, Vol.317(7682), p.71

ISSN: 00130613 ; E-ISSN: 14768860

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  • Nhan đề:
    When Devaluation Breeds Contempt
  • Tác giả: Anonymous
  • Chủ đề: Statistical Data ; Monetary Policy ; Ldcs ; GDP ; Economic Impact ; Currency Devaluation ; Balance of Trade ; Non-Us ; Statistical Data ; International Trade & Foreign Investment ; Economic Policy & Planning ; World Bank ; IMF
  • Là 1 phần của: The Economist, Nov 24, 1990, Vol.317(7682), p.71
  • Mô tả: The average real exchange rate of some 80 developing countries monitored by the World Bank fell by 40% between 1980 and 1988. World Bank economists hoped that an aggressive devaluation would boost output and improve the trade balance. The policy has been attacked from the political right by economists who argue that aggressive devaluations are inflationary and, in the long run, futile. A 2nd argument, usually from the left, is that, even if successful, a real depreciation may not have the desired effect. In the 2nd view, a devaluation may reduce output if investment falls. A paper published by Riccardo Faini of Johns Hopkins University and Jaime de Melo of the World Bank examines the performance of 83 developing countries since 1965. One observation is that real depreciations were associated with falls in ouput in all of the countries. The authors conclude that investment was influenced more by the economic environment and by external debt than by capital costs.
  • Ngôn ngữ: English
  • Số nhận dạng: ISSN: 00130613 ; E-ISSN: 14768860

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