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A New Approach to Currency Depreciation

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Author Info
Ravi Batra
Hamid Beladi

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Abstract

Currency depreciation has been studied conventionally in terms of three hypotheses-the elasticities approach, the monetary approach and the absorption approach. In this paper we offer another hypothesis called the price approach, wherein the balance of payment disequilibrium results from an inappropriate price level. Specifically, a country has a trade surplus if the equilibrium price level is below that compatible with balanced trade; by contrast, it has a trade deficit if the price level is above that compatible with balanced trade. We illustrate the price approach with the experience of currency devaluations that have occurred in emerging markets since 1997. Copyright © 2007 The Authors. Journal compilation © 2007 Blackwell Publishing Ltd.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9361.2007.00374.x
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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Development Economics.

Volume (Year): 12 (2008)
Issue (Month): 4 (November)
Pages: 683-693
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Handle: RePEc:bla:rdevec:v:12:y:2008:i:4:p:683-693

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This page was last updated on 2009-12-19.

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