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Demanding DevaluationExchange Rate Politics in the Developing World$
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David A. Steinberg

Print publication date: 2015

Print ISBN-13: 9780801453847

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801453847.001.0001

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Introduction

Introduction

Chapter:
(p.1) Introduction
Source:
Demanding Devaluation
Author(s):

David A. Steinberg

Publisher:
Cornell University Press
DOI:10.7591/cornell/9780801453847.003.0001

This introductory chapter sets out the book's purpose, which is to explain why a relatively small number of developing countries keep their exchange rates undervalued while many more overvalue their exchange rates. Using both quantitative data on over one hundred countries and detailed case studies of five developing countries, this book provides strong evidence in support of a domestic political explanation of undervalued exchange rates. The chapter then discusses the conditional preference theory, which argues that undervalued exchange rates are most likely when the manufacturing sector is powerful and the state controls labor and financial markets. It also considers the implications of the theory for our understanding of the global political economy. This is followed by an overview of the subsequent chapters.

Keywords:   exchange rate policy, monetary policy, undervalued exchange rate, overvalued exchange rate

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