Unité mixte de recherche 7235

On the effectiveness of devaluations in emerging and developing countries

Carl Grekou

[en]In this paper, we address the issue of devaluations’ effectiveness by investigating to what extent a nominal devaluation leads to a real depreciation. Beyond the traditional factors identified by the literature, we pay particular attention to the size of the nominal devaluation and to the initial misalignment of the real exchange rate. Using a sample of 57 devaluation episodes (in 40 developing and emerging countries) and relying on panel data techniques, we evidence that the existence of a sizeable overvaluation of the real exchange rate is a prerequisite to ensure that nominal devaluations will have an expected effect in terms of real depreciations. Furthermore, our results put forward a potential nonlinear relationship between the size of the devaluation and the effectiveness of the nominal adjustment: devaluations operate more efficiently when the magnitude of the nominal adjustment is lower.[/en]

AGENDA

lundi 4 mars 2024

Law, Institutions and Economics in Nanterre (LIEN)

Shiva Shekhar (Tilburg Univ)

The Bright Side of the GDPR: Welfare-improving Privacy Management

mardi 5 mars 2024

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Thomas Angeletti (Université Paris Dauphine PSL & IRISSO CNRS)

L’invention de l’économie française

mardi 5 mars 2024

Webinar TELE – Theoretical European Law & Economics

Ester Manna (University of Barcelona, Spain)

3:00 pm to 4:15 pm (Paris time)

TBA

mercredi 6 mars 2024

Économies du monde musulman

Amal Briki (Agence Alnaft, Alger)

Les déterminants de la performance bancaire en Algérie

jeudi 7 mars 2024

Doctorants

Michaël Guillossou

TBA

mardi 12 mars 2024

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Simon Bittmann (CNRS - Université de Strasbourg) et Ulysse Lojkine (Université Paris-Nanterre)

Exploitation: A Socio-Economic Approach

jeudi 14 mars 2024

Lunch

Phu NGUYEN-VAN

TBA

mardi 19 mars 2024

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Gilles Rotillon

Les NTIC sauveront-elles le capitalisme?

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