This paper sets out to examine the economic effects of exchange rate changes in developing countries by the use of alternative definitions of the real exchange rate. The evidence presented in the paper shows that devaluation generally improves the balance of trade in developing countries within a year and it is followed, on the whole, by increases in output. The paper further indicates the superiority of a devaluation in the event of an unsustainable...
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详细
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1987/05/01
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部门工作文件
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DRD291
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1
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1
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2013/06/10
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Disclosed
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Effects of exchange rate changes in developing countries
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real exchange rate