Stock Image

Devaluing to Prosperity: Misaligned Currencies and Their Growth Consequences

Surjit S. Bhalla

4 ratings by Goodreads
ISBN 10: 0881326232 / ISBN 13: 9780881326239
Published by Peterson Institute, 2012
New Condition: New Soft cover
From Books Express (Portsmouth, NH, U.S.A.)

AbeBooks Seller Since August 14, 2015 Seller Rating 4-star rating

Quantity Available: 1

Buy New
List Price: US$ 19.95
Price: US$ 87.17 Convert Currency
Shipping: Free Within U.S.A. Destination, rates & speeds
Add to basket

30 Day Return Policy

About this Item

Ships with Tracking Number! INTERNATIONAL WORLDWIDE Shipping available. Buy with confidence, excellent customer service!. Bookseller Inventory # 0881326232n

Ask Seller a Question

Bibliographic Details

Title: Devaluing to Prosperity: Misaligned ...

Publisher: Peterson Institute

Publication Date: 2012

Binding: Paperback

Book Condition: New

About this title

Synopsis:

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.

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).

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

Store Description

Visit Seller's Storefront

Terms of Sale:

Buy with confidence. Excellent customer service. 30 day return policy.

Books Express LLC
318 US Route 1, STE 2
Kittery ME 03904


Shipping Terms:

Standard and expedited shipping options include shipping and handling costs. Default shipping is by USPS Media Mail and frequently USPS Priority Mail or UPS Ground is used. Books should arrive within 10-14 business days for expedited shipping, and 20-30 business days for standard shipping. Standard shipping can on occasion take up to 30 days for delivery.

List this Seller's Books

Payment Methods
accepted by seller

Visa Mastercard American Express

Check Money Order PayPal Invoice Bank Draft Bank/Wire Transfer Direct Debit (Personally Authorized Payment)