Economic Adjustment and Exchange Rates in Developing Countries [NOOK Book]

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, ...
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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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