The paper systematically examines the major devaluations of the l960-80 period to determine the influence of different policies--fiscal, credit and commercial--on the short and medium run outcome of a devaluation. An erosion index is constructed to measure the extent to which a nominal currency depreciation causes a real depreciation, and to measure the erosion of the impact effect over time. The empirical evidence strongly suggests that the real...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1985/05/31
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Рабочий документ департамента
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CPD8518
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1
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1
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2017/11/15
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Disclosed
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The efficacy of devaluation as a short-run policy tool
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