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Transitional Exchange Rate Policy in a Low Per Capita Income Country

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Author Info

  • Goyal, A.

Abstract

In our intertemporal optimizing model the equilibrium real exchange rate is determined by a sustainable balancing of the current and capital accounts of the balance of payments. Under perfect global capital mobility and managed exchange rate, a rise in expected depreciation of the exchange rate is associated with a fall in money balances. A real wage target translates into a real exchange rate target, that conflicts with the exchange rate required for the intertemporal balance of payments equilibrium.

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Bibliographic Info

Paper provided by Indira Gandhi Institute of Development Research- in its series Papers with number 147.

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Length: 30 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:indgan:147

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Postal: INDIRA GANDHI; INDIRA GANDHI INSTITUTE OF DEVELOPMENT RESEARCH, GEN.VAIDYA MARG.GOREGAON (E) BOMBAY-400 065 INDIA.
Phone: (022) 840 0919/20/21
Fax: (022) 840 2752/2026
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Web page: http://www.igidr.ac.in/
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Keywords: EXCHANGE RATE;

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Cited by:
  1. Goyal, Ashima, 1999. "The Political Economy of the Revenue Deficit," MPRA Paper 29980, University Library of Munich, Germany.

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