Output and the real exchange rate in developing countries: An application to Mexico

Journal of Development Economics

Volumn 61, Issue 1, 2000, Pages 85-109

  Kamin, Steve B ^a   Rogers, John H ^a  

^a Federal Reserve Board Division of International Finance   (United States)

Author keywords

Contractionary devaluation; Mexico

Indexed keywords

CURRENCY DEVALUATION; INDUSTRIAL PERFORMANCE; REAL EXCHANGE RATE;

MEXICO;

EID: 0034105346     PISSN: 03043878     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-3878(99)00062-0     Document Type: Article

References (31)

1. Agenor P.-R. Output, devaluation, and the real exchange rate in developing countries. Weltwirtschaftliches Archive. 127:1991;18-41.
2. Bernanke B.S., Gertler M. Inside the black box: the credit channel of monetary policy transmission. Journal of Economic Perspectives. 9:1995;27-48.
3. Bruno M., Easterly W. Inflation crises and long-run growth. Journal of Monetary Ecnomics. 41:1998;3-26.
4. Calvo, G., Vegh, C.A., 1993. Exchange rate based stabilization under imperfect credibility. In: Frisch, H., Worgotter, A. (Eds.), Open Economy Macroeconomics. MacMillan, London, pp. 3-28.
5. Calvo, G., Reinhart, C., Vegh, C.A., 1994. Targeting the real exchange rate: theory and evidence. IMF Working Paper/94/22.
6. Cooper, R.N., 1971. Currency devaluation in developing countries. In: Ranis, G. (Ed.), Government and Economic Development. Yale University Press, New Haven.
7. Copelman, M., Werner, A.M., 1996. The monetary transmission mechanism in Mexico. Working paper, Federal Reserve Board.
8. Diaz-Alejandro C.F. A note on the impact of devaluation and the redistributive effects. Journal of Political Economy. 71:1963;577-580.
9. Dornbusch R., Werner A. Mexico: stabilization, reform, and no growth. Brookings Papers on Economic Activity. 1:1994;253-315.
10. Dornbusch R., Goldfajn I., Valdes R.O. Currency crises and collapses. Brookings Papers on Economic Activity. 2:1995;219-294.
11. Edwards, S., 1989. Real Exchange Rates, Devaluation, and Adjustment. MIT Press, Cambridge, MA.
12. Hoffmaister A.W., Vegh C. Disinflation and the recession-now-versus-recession-later hypothesis: evidence from uruguay. IMF Staff Papers. 43:1996;355-394.
13. Kamin, S.B., 1988. Devaluation, external balance, and macroeconomic performance in developing countries: a look at the numbers. Princeton Essays in International Finance No. 62.
14. Kamin, S.B., 1996. Exchange rates and inflation in exchange-rate based stabilizations: an empirical examination. International Finance Discussion Paper No. 554, Board of Governors of the Federal Reserve System, Washington, DC.
15. Kamin S.B., Rogers J.H. Monetary policy in the end-game to exchange-rate based stabilizations: the case of mexico. Journal of International Economics. 41:1996;285-308.
16. Kamin, S.B., Rogers, J.H., 1997. Output and the real exchange rate in developing countries: an application to Mexico. International Finance Discussion Paper No. 580, Board of Governors of the Federal Reserve System, Washington, DC.
17. Kiguel M., Liviatan N. The business cycle associated with exchange rate based stabilization. World Bank Economic Review. 6:1992;279-305.
18. Krugman P., Taylor L. Contractionary effects of devaluation. Journal of International Economics. 8:1978;445-456.
19. Lizondo S., Montiel P.J. Contractionary devaluation in developing countries: an analytical overview. IMF Staff Papers. 36:1989;182-227.
20. Mendoza, E.G., Uribe, M., 1996. The syndrome of exchange-rate-based stabilizations and the uncertain duration of currency pegs. International Finance Discussion Paper No. 548, Board of Governors of the Federal Reserve System, Washington, DC.
21. Morley S.A. On the effect of devaluation during stabilization programs in LDCs. Review of Economics and Statistics. LXXIV:1992;21-27.
22. Perez-Lopez Elguezabal, A., 1995. Un Model de Cointegracion Para Prognosticar el PIB de Mexico. Banco de Mexico, Documento de Investigacion No. 71.
23. Rebelo, S., 1994. What happens when countries peg their exchange rates? (The Real Side of Monetary Reforms). Working paper, University of Rochester.
24. Rodriguez, G.H., Diaz Gazani, G., 1995. Fluctuaciones Macroeconomicas en la Economia Peruana. Working paper, Banco Central de Reserva del Peru.
25. Rogers J.H., Wang P. Output, inflation, and stabilization in a small open economy: evidence from mexico. Journal of Development Economics. 46:1995;271-293.
26. Roldos J.E. Supply-side effects of disinflation programs. IMF Staff Papers. 42:1995;158-183.
27. Salter W.E. Internal and external balance: the role of price and expenditure effects. Economic Record. 35:1959;226-238.
28. Santaella, J., Vela, A.E., 1996. The 1987 Mexican disinflation program: an exchange-rate-based stabilization? IMF Working Paper/96/24.
29. Sims C. Macroeconomics and reality. Econometrica. 48:1980;1-48.
30. Swan T. Economic control in a dependent economy. Economic Record. 36:1960;51-66.
31. Uribe, M., 1995. Exchange-rate-based inflation stabilization: the initial real effects of credible plans. International Finance Discussion Paper No. 503, Board of Governors of the Federal Reserve System, Washington, DC.