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On the Effect of Devaluation during Stabilization Programs in LDCs

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  • Morley, Samuel A

Abstract

This paper is a cross-section study of the effect of real devaluations on capacity utilization during stabilization programs in LDCs. It finds that such devaluations had a significant negative effect on output as predicted in many recent papers. This was not because devaluation caused a rise in aggregate saving but more because of a sharp contraction in investment. External factors, such as terms of trade and the capacity to import, had a significant positive impact while monetary and fiscal policy played only a minor role. Copyright 1992 by MIT Press.

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  • Morley, Samuel A, 1992. "On the Effect of Devaluation during Stabilization Programs in LDCs," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 21-27, February.
    • Handle: RePEc:tpr:restat:v:74:y:1992:i:1:p:21-27
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