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By I. Moosa

A superb advisor with all of the fundamentals to appreciate the various sorts of trade cost regimes and the demanding situations they pose to assorted economies.

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Additional resources for Exchange Rate Regimes: Fixed, Flexible or Something in Between

Sample text

There is no doubt that the exchange rate regime is important, but we should not assign more importance to this factor than it actually deserves. If growth theory tells us that tens of variables can explain cross-country differences in growth, it sounds bizarre to say that country A has a better growth record than that of country B because country A chose exchange rate regime X whereas country B chose exchange rate regime Y. Of course it is not always like that in the literature, but ideologically driven views tend to be dogmatic in this sense.

For each transaction on the foreign exchange market there is a corresponding entry on the balance of payments. For the purpose of illustrating this relationship further we will examine the foreign exchange market from the perspective of the foreign currency, such that the exchange rate, E, is measured as the domestic currency price of one unit of the foreign currency. 9, which shows the demand for and supply of foreign exchange curves (D and S respectively). 9(a), the foreign exchange market is in equilibrium at the exchange rate E0, at which the supply of and demand for foreign exchange are equal.

13(b), devaluation is ineffective because the elasticities of demand for imports and exports are low. 13(b). The latter occurs because devaluation in this case reduces the foreign currency price of exports by more than the increase in the quantity of exports demanded. 13 The effect of devaluation when elasticities are high and low Qx 46 Exchange Rate Regimes than improvement in the current account. 13(d), on the other hand, demand is elastic. Hence, devaluation causes a significant reduction in import expenditure and a rise, not a fall, in export revenue.

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