Exchange Rate Policy in Developing Countries: Some Analytical IssuesThis paper addresses analytical aspects of exchange rate policy and emphasizes the relationship among exchange rate flexibility, financial discipline, and international competitiveness. |
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anti-inflation approach to exchange Argentina balance of payments Brazil Bretton Woods system C₁ capital mobility Chile chronic inflation countries constant Cote d'Ivoire credibility current account improvement developing countries dollar domestic inflation domestic monetary policy domestic policies domestic price episode exchange rate adjusted exchange rate commitment exchange rate follows exchange rate leads exchange rate policy financed fiscal expansion fiscal policy fixed exchange rate fixed rates foreign borrowing franc zone government monetary policies hence high inflation increasing Indonesia inflation rate inflationary internal balance low inflation maintain Max Corden Mexico misaligned monetarism nominal anchor approach nominal depreciation nominal exchange rate nominal expenditure non-inflationary nontraded overvaluation Pakistan paper payments problem period Phillips curve policy in developing price and wage private agents rate of inflation rate was fixed real appreciation real effects real exchange rate real rate real targets approach tariff terms of trade Thailand trade liberalization Turkey wage indexation Williamson World Bank