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Demanding devaluation : exchange rate politics in the developing world

Author: David Steinberg
Publisher: Ithaca ; London : Cornell University Press, [2015]
Series: Cornell studies in money.
Edition/Format:   Print book : EnglishView all editions and formats
Summary:
Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases  Read more...
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Document Type: Book
All Authors / Contributors: David Steinberg
ISBN: 9780801453847 0801453844
OCLC Number: 892514461
Awards: Winner of Winner, Peter Katzenstein Book Prize (Department o.
Description: xiii, 273 pages ; 25 cm.
Contents: A conditional preference theory of undervalued exchange rates --
Cross-country patterns in exchange rate policy and preferences --
Why China undervalues its exchange rate: the domestic politics --
Of currency manipulation --
The political appeal of overvaluation: industrial interests and the repeated overvaluation of the Argentine peso --
Interests, institutions, and exchange rates in South Korea, Mexico and Iran.
Series Title: Cornell studies in money.
Responsibility: David A. Steinberg.

Abstract:

In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange...  Read more...

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"Why does China maintain an artificially weak currency whereas Argentina and Mexico have historically maintained overvalued currencies? In Demanding Devaluation, David Steinberg offers an analytical Read more...

 
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   schema:description "Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers' purchasing power but often reduces economic growth. In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a country's domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate. A country's domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result.--"@en ;
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