Abstract
To analyze the role of the trade and payments regime in economic development the National Bureau of Economic Research undertook a major research project on this issue. In this article a brief report on some of the findings pertaining to the effect of exchange rates, i. e. devaluation under exchange control is provided.
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There are nine country studies, each of which may be ordered from Colombia University Press. They are all entitied “Foreign Trade Regimes and Economic Development”. The individual volumes, and authors, are Turkey (Anne O. Krueger), Ghana (J. Clark Leith), Israel (Michael Michaely), Egypt (Bent Hansen and Karim Nashishibi), the Philippines (Robert E. Baldwin), India (Jagdish N. Bhagwati and T. N. Srinivasan). South Korea (Charles R. Frank, Jr., Kwang Suk Kim, and Larry Westphal), Chile (Jere R. Behrmann), Colombia (Carlos F. Diaz-Alelandro).
See Hansen and Nashashibi, op/cit, Chapter 4 for details.
See Krueger, op. cit., Table 5–3, p. 83, for estimates for all 22 devaluations.
See Frank, Kim and Westphal. op.cit., pp. 58 ff for more details.
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Krueger, A.O. Devaluation and its consequences in developing countries. Intereconomics 14, 19–24 (1979). https://doi.org/10.1007/BF02924502
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DOI: https://doi.org/10.1007/BF02924502