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Devaluing to Prosperity: Misaligned Currencies and Their Growth Consequences
     

Devaluing to Prosperity: Misaligned Currencies and Their Growth Consequences

by Surjit S. Bhalla
 

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Surjit S. Bhalla is chairman of Oxus Investments, a New Delhi-based "hedge fund" and emerging markets advisory firm. He was a research economist at Rand Corporation, the Brookings Institution, the World Bank, and the Policy Group and an economist/strategist at the World Bank, Goldman Sachs, Deutsche Bank, and Oxus Investments. He has served on several committees of

Overview

Surjit S. Bhalla is chairman of Oxus Investments, a New Delhi-based "hedge fund" and emerging markets advisory firm. He was a research economist at Rand Corporation, the Brookings Institution, the World Bank, and the Policy Group and an economist/strategist at the World Bank, Goldman Sachs, Deutsche Bank, and Oxus Investments. He has served on several committees of the government of India (the capital account convertibility committees of 1997 and 2006 and the advisory committee on secondary markets for the Securities and Exchange Board of India, among others). He was an appointed member of the National Statistical Commission of India (2007-10). He is on the governing board of the National Council of Applied Economic Research, and since 2002, has been a regular invitee to the Aspen Institute Program on the World Economy.

Editorial Reviews

Alan S. Blinder
Hardly anyone on earth could have or would have written this fascinating book. Its combination of scholarly erudition, technical economics, and horse sense is rare enough. Throw in Bhalla's talent with prose and his flair for being an agent provocateur, and you have something truly unique. Read it and learn. Read it and think. Read it and be provoked.

Lawrence H. Summers
Surjit Bhalla makes a profound and important argument about the growth process and the international monetary system. The issues he raises go back to the founding of economics as a discipline, but are immediately relevant to pressing policy issues all over the world. Everyone concerned with the future of the global economy will need to consider Bhalla's extensive arguments. Whether you agree or disagree, this is a very important book.

Montek Singh Ahluwalia
Surjit Bhalla presents a highly readable, topical, and provocative analysis of the role of currency misalignments buttressed by extensive empirical analysis. He argues that keeping the currency undervalued helps growth, and the effect is stronger than that of well-functioning institutions, but he also argues that misalignment creates vulnerability in the international system. The IMF must obviously look more closely into these issues in its multilateral surveillance and also in the analysis it does for the G-20.

Product Details

ISBN-13:
9780881326239
Publisher:
Peterson Institute for International Economics
Publication date:
10/15/2011
Pages:
263
Product dimensions:
6.00(w) x 8.90(h) x 0.60(d)
Age Range:
18 Years

Meet the Author

Surjit S. Bhalla is managing director of Oxus Research and Investments, a New Delhi-based economic research, asset management, and emerging-markets advisory firm. He taught at the Delhi School of Economics and worked at the Rand Corporation, the Brookings Institution, and at both the research and treasury departments of the World Bank. He has also worked at Goldman Sachs (1992–94) and Deutsche Bank (1994–96).

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