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On the Effect of Devaluation during Stabilization Programs in LDCs

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Author Info
Morley, Samuel A
Abstract

This paper is a cross-section study of the effect of real devaluations on capacity utilization during stabilization programs in LDCs. It finds that such devaluations had a significant negative effect on output as predicted in many recent papers. This was not because devaluation caused a rise in aggregate saving but more because of a sharp contraction in investment. External factors, such as terms of trade and the capacity to import, had a significant positive impact while monetary and fiscal policy played only a minor role. Copyright 1992 by MIT Press.

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Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 74 (1992)
Issue (Month): 1 (February)
Pages: 21-27
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Handle: RePEc:tpr:restat:v:74:y:1992:i:1:p:21-27

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  2. Yu Hsing, 2004. "Response of Venezuelan output to monetary policy, deficit spending, and currency depreciation: a VAR model," REVISTA DE ECONOMÍA DEL ROSARIO, UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA. [Downloadable!]
  3. Hsing, Y., 2004. "Responses of Argentine Output to Shocks to Monetary Policy, Fiscal Policy and Exchange Rates: A VAR Model," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 4(1). [Downloadable!]
  4. Reinhart, Carmen & Calvo, Guillermo, 2001. "Fixing for your life," MPRA Paper 13873, University Library of Munich, Germany. [Downloadable!]
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  5. Steven B. Kamin & Marc Klau, 1998. "Some multi-country evidence on the effects of real exchange rates on output," International Finance Discussion Papers 611, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  6. Yu Hsing, 2005. "Application of the IS-MP-IA model to the German economy and policy implications," Economics Bulletin, Economics Bulletin, vol. 15(5), pages 1-10. [Downloadable!]
  7. Steven B. Kamin & John H. Rogers, 1997. "Output and the real exchange rate in developing countries: an application to Mexico," International Finance Discussion Papers 580, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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  8. A. E. Akinlo & A. F. Odusola, 2003. "Assessing the impact of Nigeria's naira depreciation on output and inflation," Applied Economics, Taylor and Francis Journals, vol. 35(6), pages 691-703, January. [Downloadable!] (restricted)
  9. Hideki Nishigaki, 2007. "The impact of the appreciation of East Asian currencies on global imbalance," Economics Bulletin, Economics Bulletin, vol. 6(42), pages 1-6. [Downloadable!]
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