Exchange rate parity for trade and development : theory, tests, and case studies
Author(s)
Bibliographic Information
Exchange rate parity for trade and development : theory, tests, and case studies
Cambridge University Press, 1996
Available at 51 libraries
  Aomori
  Iwate
  Miyagi
  Akita
  Yamagata
  Fukushima
  Ibaraki
  Tochigi
  Gunma
  Saitama
  Chiba
  Tokyo
  Kanagawa
  Niigata
  Toyama
  Ishikawa
  Fukui
  Yamanashi
  Nagano
  Gifu
  Shizuoka
  Aichi
  Mie
  Shiga
  Kyoto
  Osaka
  Hyogo
  Nara
  Wakayama
  Tottori
  Shimane
  Okayama
  Hiroshima
  Yamaguchi
  Tokushima
  Kagawa
  Ehime
  Kochi
  Fukuoka
  Saga
  Nagasaki
  Kumamoto
  Oita
  Miyazaki
  Kagoshima
  Okinawa
  Korea
  China
  Thailand
  United Kingdom
  Germany
  Switzerland
  France
  Belgium
  Netherlands
  Sweden
  Norway
  United States of America
Note
Includes bibliographical references (p. 293-309) and index
Description and Table of Contents
Description
This book extends recent theories of incomplete markets to investigate empirically the appropriate balance between the market and the state in the trade relations between developed and developing countries. The conclusion is that in an ideal world government intervention in foreign exchange and trade is necessary in developing countries in the early stages and inevitably decreases as development occurs. Rationing of foreign exchange prevents a 'soft currency distortion' that commonly afflicts developing countries and can turn comparative advantage trade into competitive devaluation trade, with severe losses of income and welfare. Yotopoulos finds that the level of underdevelopment narrowly circumscribes and conditions the extent to which free-market, free-trade, laissez-faire can be beneficial, contrary to the mainstream policy paradigm as currently applied. The analysis and tests draw on empirical research from seventy countries and four extended country studies to confirm the usefulness and validity of the theoretical framework.
Table of Contents
- Part I. A Review of the Terrain: 1. Introduction
- 2. Trade and development: the contours of the landscape
- 3. Incomplete markets and the 'New Development Economics'
- Part II. Theory and Empirical Analysis: 4. Market incompleteness in an open-economy LDC
- 5. The relationship between real and nominal exchange rates
- 6. Empirical investigation of real exchange rates: tradability and relative prices
- 7. An endogenous growth model of incomplete markets in foreign exchange
- 8. Are devaluations possibly contractionary? A quasi-Australian model with tradables and nontradables
- Part III. Successes and Failures in Development: Good/Bad Economics and Governance: 9. Japan: overvaluation without rent-seeking
- 10. The Philippines: failure in policy and politics
- 11. Financial integration and the refractory role of intervention: Uruguay and Taiwan
- 12. Summary, conclusions and policy recommendations
- Bibliography.
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