This paper examines the consequences of alternative adjustment mechanisms to foreign exchange shortages in semi-industrial economies. Devaluation is compared to two forms of import rationing within the framework of a computable general equilibrium model of a representative semi-industrial economy. The results indicate that adjusting by rationing is much more costly in terms of lost GDP than adjusting by devaluation. At the microeconomic level, the...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1981/01/31
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Рабочий документ персонала
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SWP443
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1
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1
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2010/07/01
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A general equilibrium analysis of foreign exchange shortages in a developing economy
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adjustment mechanism
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