Economic Adjustment and Exchange Rates in Developing Countries

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Overview

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.

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Product Details

Meet the Author

Sebastian Edwards is associate professor of economics at the University of California, Los Angeles. Liaquat Ahamed is senior investment officer at the World Bank.

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Table of Contents

Acknowledgments Introduction by Sebastian Edwards and Liaquat Ahamed
I. Stabilization, Adjustment, and Exchange Rate Policy in Developing Countries
1. Exchange Rate Management and Stabilization Policies in Developing Countries Sweder van Wijnbergen Comment: James A. Hanson
2. The Effects of Commercial, Fiscal, Monetary, and Exchange Rate Policies on the Real Exchange Rate Michael Mussa Comment: Jeffrey A. Frankel Comment: Kathie L. Krumm
3. Wage Indexation, Supply Shocks, and Monetary Policy in a Small, Open Economy Joshua Aizenman and Jacob A. Frenkel Comment: Stanley Fischer Comment: Constantino Lluch
4. Multiple Exchange Rates for Commercial Transactions Rudiger Dornbusch Comment: Manuel Guitián Comment: Richard C. Marston
II. Economic Reform, Foreign Shocks, and Exchange Rates
5. Welfare, Banks, and Capital Mobility in Steady State: The Case of Predetermined Exchange Rates Guillermo A. Calvo Comment: Mario I. Blejer
6. Capital Flows, the Current Account, and the Real Exchange Rate: The Consequences of Stabilization and Liberalization Maurice Obstfeld Comment: Marcelo Selowsky
III. Case Studies
7. Commodity Export Prices and the Real Exchange Rate in Developing Countries: Coffee in Colombia Sebastian Edwards Comment: Sarath Rajapatirana Comment: Armeane Choksi
8. Stabilization, Stagflation, and Investment Incentives: The Case of Kenya, 1979-1980
William H. Branson Comment: Jacques R. Artus Comment: Ravi Gulhati
9. Discrete Devaluation as a Signal to Price Setters: Suggested Evidence from Greece Louka T. Katseli Comment: Stanley W. Black Comment: John Williamson
10. Collective Pegging to a Single Currency: The West African Monetary Union Jorge Braga de Macedo Comment: Liaquat Ahamed Comment: Stephen O'Brien
IV. Economic Adjustment and the Real Exchange Rate
11. Economic Adjustment and the Real Exchange Rate Arnold C. Harberger Comment: Carlos Díaz-Alejandro Comment: Mohsin S. Khan List of Contributors Author Index Subject Index

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