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The Output and Inflationary Impact of Devaluation in Developing Countries: Theory and Empirical Evidence from Five African Low-income Countries

In: From Adjustment to Development in Africa

Author

Listed:
  • Riccardo Faini

Abstract

There are striking similarities in the recent economic history of many low-income countries with primary commodity-based economies. Typically, the 1970s brought a commodity price boom, which more than offset the terms of trade impact of the first oil shock. Around 1974–5, the price of most commodities suddenly rocketed. For instance, between 1976 and 1977 the price of cocoa almost doubled, while that of coffee, a major foreign exchange earner for many sub-Saharan African countries, tripled between 1975 and 1977. However, not all commodities showed this upward trend: mineral prices, such as copper, remained depressed for the entire decade.

Suggested Citation

  • Riccardo Faini, 1994. "The Output and Inflationary Impact of Devaluation in Developing Countries: Theory and Empirical Evidence from Five African Low-income Countries," Palgrave Macmillan Books, in: Giovanni Andrea Cornia & Gerald K. Helleiner (ed.), From Adjustment to Development in Africa, chapter 16, pages 334-352, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23596-4_16
    DOI: 10.1007/978-1-349-23596-4_16
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    Cited by:

    1. Zelealem Yiheyis, 2006. "The Effects of Devaluation on Aggregate Output: Empirical Evidence from Africa," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(1), pages 21-45.

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