Demanding Devaluation : : Exchange Rate Politics in the Developing World / / David A. Steinberg.

• Superior document: Title is part of eBook package: De Gruyter Cornell University Press Complete eBook-Package 2014-2015
• VerfasserIn: Steinberg, David A.,
• Place / Publishing House: Ithaca, NY : : Cornell University Press, , [2015]; ©2015
• Year of Publication: 2015
• Language: English
• Series: Cornell Studies in Money
• Physical Description: 1 online resource (288 p.) :; 1 line figure, 21 tables, 13 charts
• Other title: Frontmatter --; Contents --; List of Figures --; List of Tables --; Acknowledgments --; List of Abbreviations --; Introduction --; 1. A Conditional Preference Theory of Undervalued Exchange Rates --; 2. Cross-Country Patterns in Exchange Rate Policy and Preferences --; 3. Why China Undervalues Its Exchange Rate --; 4. The Political Appeal of Overvaluation --; 5. Interests, Institutions, and Exchange Rates in South Korea, Mexico, and Iran --; Conclusion --; Appendix: Author Interviews --; References --; Index
• Format: Mode of access: Internet via World Wide Web.
• ISBN: 9780801454257; 9783110606744
• DOI: 10.7591/9780801454257
• Access: restricted access
• Hierarchical level: Monograph
• Statement of Responsibility: David A. Steinberg.

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.