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Exchange Rate Misalignment in Developing Countries

Sebastian Edwards

出版	World Bank, 1988
主題	Business & Economics / Foreign ExchangeBusiness & Economics / International / GeneralBusiness & Economics / Development / Economic DevelopmentLiterary Criticism / European / GeneralSocial Science / Developing & Emerging Countries
ISBN	08018375109780801837517
URL	http://books.google.com.hk/books?id=f3uwAAAAIAAJ&hl=&source=gbs_api

註釋

This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates; floating nominal rates; and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies often lead to real exchange rate misalignment. Corrective measures, including nominal devaluation and several alternative approaches, are then evaluated.