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Local Currency as a Development Strategy

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Author Info
Jayaraman, Rajshri (University of Munich)
Mandar Oak

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Abstract

The introduction of a local currency may serve as a signal of demand for local goods. Where demand uncertainty deters firms from investing in more productive technologies, such a signal improves the chances that technology choice will be optimal. The introduction of a local currency therefore always improves ex-ante efficiency and may lead to ex-post efficiency, with strictly higher levels of productivity and welfare.

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File URL: http://repec.org/res2002/Jayaraman.pdf
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Publisher Info
Paper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2002 with number 106.

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Date of creation: 29 Aug 2002
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Handle: RePEc:ecj:ac2002:106

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Web page: http://www.res.org.uk/society/annualconf.asp
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