Monetary stability or more devaluation?

Ross Garnaut

Pacific Economic Bulletin, vol. 10, issue 1, pages 19-23

Abstract: Currency instability, periodic inconvertibility, higher inflation and interest rates-all products of the currency crisis-all damage incentives to investment, growth and performance of the real economy. Nominal devaluation may lead to long-term improve-ment in competitiveness but large improvements require other steps as well: removal of protection, improved efficiency and reduction of the costs of law and order, public administration, public utilities and other infrastructure, and improvements in the quality of the workforce. The currency depreciation will only be a step on the long path to development if it is supported by a return to disciplined expenditure and monetary stability.

Date: 1995
References: Add references at CitEc
Citations Track citations by RSS feed

Downloads: (external link)
https://crawford.anu.edu.au/pdf/peb/PEB10-1garnaut.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:een:pebwps:319

Access Statistics for this article

Pacific Economic Bulletin is edited by Ron Duncan

More articles in Pacific Economic Bulletin from Pacific Economic Bulletin Papers
Contact information at EDIRC.
Series data maintained by Crawford Webmaster ().