Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries.
This paper develops a small analytical model to explore the relationship between the dynamics of macroeconomic adjustment and the timing of the implementation of an adjustment program featuring a nominal devaluation. The effects of postponing adjustment depend on the source of the original shock. In...
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| Format: | Journal |
| Language: | English |
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Washington, D.C. :
International Monetary Fund,
1989.
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| Series: | IMF Working Papers; Working Paper ;
No. 1989/011 |
| Online Access: | Full text available on IMF |