Devaluing to Prosperity: Misaligned Currencies and Their Growth Consequences

3.75 avg rating
( 4 ratings by Goodreads )
 
9780881326239: Devaluing to Prosperity: Misaligned Currencies and Their Growth Consequences

Experts have long questioned the effect of currency undervaluation on overall GDP growth. They have viewed the underlying basis for this policy intervention in currency markets to keep the price of the home currency cheap as doomed to failure on both theoretical and empirical grounds. Moreover, the view has been that overvalued currencies hurt economic growth but undervalued currencies cannot help in growth acceleration. A parallel belief has been that the real exchange rate that is, a country's competitive ranking cannot be affected by merely changing the nominal exchange rate. This view is grounded in the belief, and expectation, that inflation follows any devaluation of currency. Hence, the conclusion that the real exchange rate cannot be affected by policy. However, given China's remarkable performance in recent decades, this traditional view is being reexamined. China devalued its currency by large amounts in the 1980s and early 1990s; instead of inflation, it achieved high growth. Today, there is near-universal demand for China to significantly revalue its currency. This book examines the veracity of various propositions relating to currency misalignments, and their effect on various items of policy interest. The author subjects more than a century of global exchange rate management and growth outcomes to rigorous empirical analysis and demonstrates convincingly that a country can systematically devalue and yet prosper. The analysis helps in interpreting several phenomena, especially for the last three decades, which have witnessed high economic growth in developing countries, a widening of global imbalances, and a sharp increase in reserve accumulation, particularly among high-growth Asian economies. The book shows that these events are strongly linked via a consistent policy of currency undervaluation in Asian economies.

"synopsis" may belong to another edition of this title.

About the Author:

Surjit S. Bhalla is managing director of Oxus Research and Investments, a New Delhi-based economic research, asset management, and emerging-markets advisory firm. He taught at the Delhi School of Economics and worked at the Rand Corporation, the Brookings Institution, and at both the research and treasury departments of the World Bank. He has also worked at Goldman Sachs (1992-94) and Deutsche Bank (1994-96). He is author of Devaluing to Prosperity: Misaligned Currencies and Their Growth Consequences (2012) and Imagine There's No Country: Poverty, Inequality, and Growth in the Era of Globalization (2002). His research interests are fiscal policy (flat tax?), economic history (do institutions cause growth?), and macroeconomic policy (the role of exchange rates in economic development). He has been a member of several government of India committees on economic policy, most recently the committee on capital account convertibility. He is on the board of India s largest think tank and is an appointed member of the National Statistical Commission of India. He is also a regular contributor to newspapers and magazines on economics, politics, and cricket. His first book, Between the Wickets: The Who and Why of the Best in Cricket (1987), developed a model for evaluating performance in sports.

Review:

Hardly anyone on earth could have or would have written this fascinating book. Its combination of scholarly erudition, technical economics, and horse sense is rare enough. Throw in Bhalla's talent with prose and his flair for being an agent provocateur, and you have something truly unique. Read it and learn. Read it and think. Read it and be provoked. --Alan S. Blinder, Professor of Economics and Public Affairs, Princeton University

Surjit Bhalla makes a profound and important argument about the growth process and the international monetary system. The issues he raises go back to the founding of economics as a discipline, but are immediately relevant to pressing policy issues all over the world. Everyone concerned with the future of the global economy will need to consider Bhalla's extensive arguments. Whether you agree or disagree, this is a very important book. --Lawrence H. Summers, former Director of the White House National Economic Council and Charles W. Eliot University Professor at Harvard University's Kennedy School of Government

Surjit Bhalla presents a highly readable, topical, and provocative analysis of the role of currency misalignments buttressed by extensive empirical analysis. He argues that keeping the currency undervalued helps growth, and the effect is stronger than that of well-functioning institutions, but he also argues that misalignment creates vulnerability in the international system. The IMF must obviously look more closely into these issues in its multilateral surveillance and also in the analysis it does for the G-20. --Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission of India and first Director of the Independent Evaluation Office, International Monetary Fund

"About this title" may belong to another edition of this title.

Top Search Results from the AbeBooks Marketplace

1.

Surjit Bhalla
Published by Peterson Institute for International Economics 1, United States
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Trade Paperback Quantity Available: 1
Seller:
Powell's Books
(Portland, OR, U.S.A.)
Rating
[?]

Book Description Peterson Institute for International Economics 1, United States. Trade Paperback. Book Condition: New. TRADE PAPERBACK Legendary independent bookstore online since 1994. Reliable customer service and no-hassle return policy. History and Social Science>Politics>International Studies. Book: NEW, New. Bookseller Inventory # 64978088132623900. Bookseller Inventory # 64978088132623900

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 13.95
Convert Currency

Add to Basket

Shipping: US$ 4.49
Within U.S.A.
Destination, Rates & Speeds

2.

Surjit S. Bhalla
Published by The Peterson Institute for International Economics, United States (2013)
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Paperback Quantity Available: 1
Seller:
The Book Depository US
(London, United Kingdom)
Rating
[?]

Book Description The Peterson Institute for International Economics, United States, 2013. Paperback. Book Condition: New. Language: English . Brand New Book. Experts have long questioned the effect of currency undervaluation on overall GDP growth. They have viewed the underlying basis for this policy--intervention in currency markets to keep the price of the home currency cheap--as doomed to failure on both theoretical and empirical grounds. Moreover, the view has been that overvalued currencies hurt economic growth but undervalued currencies cannot help in growth acceleration. A parallel belief has been that the real exchange rate--that is, a country s competitive ranking--cannot be affected by merely changing the nominal exchange rate. This view is grounded in the belief, and expectation, that inflation follows any devaluation of currency. Hence, the conclusion that the real exchange rate cannot be affected by policy. However, given China s remarkable performance in recent decades, this traditional view is being reexamined. China devalued its currency by large amounts in the 1980s and early 1990s; instead of inflation, it achieved high growth. Today, there is near-universal demand for China to significantly revalue its currency. This book examines the veracity of various propositions relating to currency misalignments, and their effect on various items of policy interest. The author subjects more than a century of global exchange rate management and growth outcomes to rigorous empirical analysis and demonstrates convincingly that a country can systematically devalue and yet prosper. The analysis helps in interpreting several phenomena, especially for the last three decades, which have witnessed high economic growth in developing countries, a widening of global imbalances, and a sharp increase in reserve accumulation, particularly among high-growth Asian economies. The book shows that these events are strongly linked via a consistent policy of currency undervaluation in Asian economies. Bookseller Inventory # AAH9780881326239

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 18.47
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

3.

Surjit S. Bhalla
Published by The Peterson Institute for International Economics, United States (2013)
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Paperback Quantity Available: 1
Seller:
The Book Depository
(London, United Kingdom)
Rating
[?]

Book Description The Peterson Institute for International Economics, United States, 2013. Paperback. Book Condition: New. Language: English . Brand New Book. Experts have long questioned the effect of currency undervaluation on overall GDP growth. They have viewed the underlying basis for this policy--intervention in currency markets to keep the price of the home currency cheap--as doomed to failure on both theoretical and empirical grounds. Moreover, the view has been that overvalued currencies hurt economic growth but undervalued currencies cannot help in growth acceleration. A parallel belief has been that the real exchange rate--that is, a country s competitive ranking--cannot be affected by merely changing the nominal exchange rate. This view is grounded in the belief, and expectation, that inflation follows any devaluation of currency. Hence, the conclusion that the real exchange rate cannot be affected by policy. However, given China s remarkable performance in recent decades, this traditional view is being reexamined. China devalued its currency by large amounts in the 1980s and early 1990s; instead of inflation, it achieved high growth. Today, there is near-universal demand for China to significantly revalue its currency. This book examines the veracity of various propositions relating to currency misalignments, and their effect on various items of policy interest. The author subjects more than a century of global exchange rate management and growth outcomes to rigorous empirical analysis and demonstrates convincingly that a country can systematically devalue and yet prosper. The analysis helps in interpreting several phenomena, especially for the last three decades, which have witnessed high economic growth in developing countries, a widening of global imbalances, and a sharp increase in reserve accumulation, particularly among high-growth Asian economies. The book shows that these events are strongly linked via a consistent policy of currency undervaluation in Asian economies. Bookseller Inventory # AAH9780881326239

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 19.02
Convert Currency

Add to Basket

Shipping: FREE
From United Kingdom to U.S.A.
Destination, Rates & Speeds

4.

Surjit Bhalla
Published by Peterson Institute (2012)
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Paperback Quantity Available: 1
Seller:
Irish Booksellers
(Rumford, ME, U.S.A.)
Rating
[?]

Book Description Peterson Institute, 2012. Paperback. Book Condition: New. book. Bookseller Inventory # M0881326232

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 23.17
Convert Currency

Add to Basket

Shipping: FREE
Within U.S.A.
Destination, Rates & Speeds

5.

Surjit Bhalla
Published by Peterson Institute for International Economics 2011-10-15, Washington, DC (2011)
ISBN 10: 0881326232 ISBN 13: 9780881326239
New paperback Quantity Available: 1
Seller:
Blackwell's
(Oxford, OX, United Kingdom)
Rating
[?]

Book Description Peterson Institute for International Economics 2011-10-15, Washington, DC, 2011. paperback. Book Condition: New. Bookseller Inventory # 9780881326239

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 18.24
Convert Currency

Add to Basket

Shipping: US$ 7.99
From United Kingdom to U.S.A.
Destination, Rates & Speeds

6.

Bhalla, Surjit
Published by Peterson Institute (2012)
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Paperback Quantity Available: 1
Seller:
Murray Media
(North Miami Beach, FL, U.S.A.)
Rating
[?]

Book Description Peterson Institute, 2012. Paperback. Book Condition: New. Never used!. Bookseller Inventory # 0881326232

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 25.86
Convert Currency

Add to Basket

Shipping: US$ 1.99
Within U.S.A.
Destination, Rates & Speeds
International Edition
International Edition

7.

SURJIT BHALLA
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Quantity Available: 1
International Edition
Seller:
Bookshub
(Karol Bagh, India)
Rating
[?]

Book Description Book Condition: New. New. International edition. Different ISBN and Cover image but contents are same as US edition. Perfect condition. Customer satisfaction our priority. Bookseller Inventory # ABE-FEB-22453

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 28.34
Convert Currency

Add to Basket

Shipping: FREE
From India to U.S.A.
Destination, Rates & Speeds
International Edition
International Edition

8.

SURJIT BHALLA
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Quantity Available: 1
International Edition
Seller:
EBOOKSTORE2010
(New Delhi, ND, India)
Rating
[?]

Book Description Book Condition: Brand New. New. SoftCover International edition. Different ISBN and Cover image but contents are same as US edition. Customer Satisfaction guaranteed!!. Bookseller Inventory # SHUB22453

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 28.39
Convert Currency

Add to Basket

Shipping: FREE
From India to U.S.A.
Destination, Rates & Speeds
International Edition
International Edition

9.

Bhalla, Surjit
Published by Peterson Institute
ISBN 10: 0881326232 ISBN 13: 9780881326239
New PAPERBACK Quantity Available: 1
International Edition
Seller:
Book Arsenal
(Delhi, DELHI, India)
Rating
[?]

Book Description Peterson Institute. PAPERBACK. Book Condition: New. 0881326232 We ship from India. PAPERBACK INTERNATIONAL EDITION Brand New Copy. The ISBN-13 or Cover might be different but content is extactly same. We deliver in 5 - 9 days and actively resolve customer issues. Bookseller Inventory # 0881326232-ABA

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 29.46
Convert Currency

Add to Basket

Shipping: FREE
From India to U.S.A.
Destination, Rates & Speeds

10.

Bhalla, Surjit
Published by Peterson Inst for Intl Economics (2012)
ISBN 10: 0881326232 ISBN 13: 9780881326239
New Paperback Quantity Available: 2
Seller:
Revaluation Books
(Exeter, United Kingdom)
Rating
[?]

Book Description Peterson Inst for Intl Economics, 2012. Paperback. Book Condition: Brand New. 192 pages. 9.00x6.00x0.75 inches. In Stock. Bookseller Inventory # __0881326232

More Information About This Seller | Ask Bookseller a Question

Buy New
US$ 21.77
Convert Currency

Add to Basket

Shipping: US$ 7.99
From United Kingdom to U.S.A.
Destination, Rates & Speeds

There are more copies of this book

View all search results for this book