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Currency Devaluation and Growth: The Case of a Tourism-based Economy

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  • Nwanna, Gladson I.

    (Morgan State University Earl G. Graves School of Business & Management)

Abstract

The present study examines the issue of devaluation and growth on a tourism based developing country. The study concludes that devaluation does have a net positive effect on economic growth on a developing country that is wholly dependent tourism. Although some studies have pointed to the negative effect of devaluation some developing countries, the unique characteristics of many of these LDCs as culture-dependent may very much explain some of the observed results. In essence, the effect of devaluation on a developing country may equally be a function the level of development already achieved by the country as much as factors unique to that country, including the country’s economic mainstay (engine of growth). Tourism-based economies, this study concludes, appear better positioned ceteris-paribus) to react favorably to devaluation than none tourism-based economies.

Suggested Citation

  • Nwanna, Gladson I., 1996. "Currency Devaluation and Growth: The Case of a Tourism-based Economy," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 49(2), pages 261-273.
    • Handle: RePEc:ris:ecoint:0377
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