Exchange Rate Adjustment Under Generalized Currency Floating: Comparative Analysis among Developing Countries

摘要

This study examines, in an admittedly limited sense, the experience of a sample of 22 LDCs relating to exchange rate changes under generalized currency floating with a view to drawing some implications for LDC policymaking. Section II develops the framework of analysis, identifying the basic sources of effective exchange rate (EER) changes under the post-Bretton Woods regime which give rise to relative price effects on LDC export supply. Major currency realignments are found to have caused a general decline in export competitiveness in the majority of sample countries. The concluding part of this paper, Section VI, appraises the findings of the study, discusses the implications for policymaking in developing countries and indicates directions for further research. (Copyright (c) 1980 by The World Bank.)