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Money and Exchange-Rate Adjustments in an LDC Context

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  • Dante B. Canlas

    (Professor of Economics, School of Economics, University of the Philippines Diliman)

Abstract

The paper presents theoretical models designed to examine, first, the links between a monetary expansion and the collapse of a fixed exchange rate, and second, the behavior of the real exchange rate following a devaluation. Under a free float, a monetary expansion leads to an appreciation in the long-run. If the monetary authority intervenes to prevent the depreciation, then foreign reserves decline to restore asset-market equilibrium.

Suggested Citation

  • Dante B. Canlas, 1994. "Money and Exchange-Rate Adjustments in an LDC Context," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 31(2), pages 86-103, December.
    • Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:86-103
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    File URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/131/460
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