Economic Adjustment and Exchange Rates in Developing Countries (National Bureau of Economic Research Conference Report)

460 Pages·1986·21.23 MB·English

by  Sebastian Edwards

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Economic Adjustment and
Exchange Rates
in Developing Countries
A National Bureau
of Economic Research
Conference Report
Economic
Adjustment and
Exchange Rates
in Developing
Countries
Sebastian Edwards and
Edited by
Liaquat Ahamed
-a
The University of Chicago Press
&j
cw Chicago and London
SEEASTIAEND WARDisS a ssociate professor of economics at the
University of California at Los Angeles and a faculty research
fellow at the National Bureau of Economic Research.
LIAQUAATH AMEiDs senior investment officer at the World Bank.
The University of Chicago Press, Chicago 60637
The University of Chicago Press, Ltd., London
0 1986 by The National Bureau of Economic Research
All rights reserved. Published 1986
Printed in the United States of America
95 94 93 92 91 YO 89 88 87 86 5 4 3 2 1
Library of Congress Cataloging-in-Publication Data
Economic adjustment and exchange rates in developing
countries.
(A National Bureau of Economic Research conference
report)
“Papers . . . presented at a joint National Bureau of
Economic Research-World Bank conference held in Washing-
ton, D.C., 29 November through 1 December, 1984.”-
Bibliography: p.
Includes index.
I. Foreign exchange administration-Developing
countries-congresses. 2. Economic stabilization-
Developing countries-congresses. I. Edwards, Sebastiin.
11. Ahamed, Liaquat. 111. National Bureau of Economic
Research. IV. World Bank. V. Series: Conference report
(National Bureau of Economic Research)
HG3877.E26 1986 332.4’5‘091724 86-7045
ISBN 0-226- 18469-2
National Bureau of Economic Research
Officers
Franklin A. Lindsay, chairman Geoffrey Carliner, executive director
Richard Rosett, vice-chairman Charles A. Walworth, treasurer
Martin Feldstein, president Sam Parker, director of Jinance and
administration
Directors at Large
Moses Abramovitz Walter W. Heller Peter G. Peterson
Andrew Brimmer Saul B. Klaman Robert V. Roosa
George T. Conklin, Jr. Franklin A. Lindsay Richard N. Rosett
Jean A. Crockett Roy E. Moor Bert Seidman
Morton Ehrlich Geoffrey H. Moore Eli Shapiro
Martin Feldstein Michael H. Moskow Stephen Stamas
Edward L. Ginzton James J. O’Leary Donald S. Wasserman
David L. Grove Robert Parry Manna v.N. Whitman
George Hatsopoulos
Directors by University Appointment
Marcus Alexis, NorthwestPrn Nathan Rosenberg, Stanford
Charles H. Berry, Princeton James Simler, Minnesota
James Duesenberry, Harvard James Tobin, Yale
Ann F. Friedlaender, Massachusetts John Vernon, Duke
Institute of Technology William S. Vickrey, Columbia
J. C. LaForce, California, Los Angeles Burton A. Weisbrod, Wisconsin
Paul McCracken, Michigan Arnold Zellner, Chicago
James L. Pierce, California, Berkeley
Directors by Appointment of Other Organizations
Carl F. Christ, American Economic Rudolph A. Oswald, American
Association Federation of Labor and Congress of
Robert S. Hamada, American Finance Industrial Organizations
Association James Houck, American Agricultural
Edgar Fiedler, National Association of Economics Association
Business Economists Albert Sommers, The Conference Board
Robert C. Holland, Committee for Dudley Wallace, American Statistical
Economic Development Association
Douglas Purvis, Canadian Economics Charles A. Walworth, American Institute
Association of Certified Public Accountants
Douglass C. North, Economic History
Association
Directors Emeriti
Arthur F. Burns Frank Fetter George B. Roberts
Emilio G. Collado Thomas D. FIynn Willard L. Thorp
Solomon Fabricant Gottfried Haberler
Since this volume is a record of conference proceedings, it has been exempted from
the rules governing critical review of manuscripts by the Board of Directors of the
National Bureau (resolution adopted 8 June 1948, as revised 21 November 1949 and
20 April 1968).
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This book is dedicated
to the memory of
CARLOFS. D~Az-ALEJANDRO
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