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Intercambio Desigual y Tasa de Cambio: ¿Saqueo o Explotación? El Aporte de Gernot Köhler

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  • Chaves, Emilio José

Abstract

Unequal Exchange is initially focused on Latin-American experiences and reflections around the topic. Second part of the essay presents the quantitative method of Gernot Köhler, results and tendencies during the last four decades of the XXth. Century. They show --against conventional wisdom-- that Third World currencies are not overvalued, but on the contrary, they are heavily undervalued with respect to the exchange rate measured in Power Parity Prices (PPP). The result is an enormous and increasing transfer of resources from Periphery to Center, stimulated by the triangle over devaluation-debt-dependence. The proposal to overcome this adverse effect on Periphery is explicit and open to academic and political debate between Central and Peripheral nations.

Suggested Citation

  • Chaves, Emilio José, 2006. "Intercambio Desigual y Tasa de Cambio: ¿Saqueo o Explotación? El Aporte de Gernot Köhler," Entelequia. Revista Interdisciplinar, Entelequia y Grupo Eumed.net (Universidad de Málaga), issue 2, pages 175-195, Fall.
  • Handle: RePEc:erv:ancoec:y:2006:i:2:p:175-195
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    More about this item

    Keywords

    Unequal Exchange; Center-Periphery; Exchange Rates;

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty

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