The Effects of Collective Devaluation on Commodity Prices and Exports

Michael Wattleworth
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Michael Wattleworth: International Monetary Fund

IMF Staff Papers, 1988, vol. 35, issue 1, 166-180

Abstract: Because measures to stimulate export production are often part of economic adjustment programs, the possible repercussions in particular commodity markets of collective actions by producers to encourage exports merit study. A simplified model is developed and used to simulate supply-side policies in the world market for a primary commodity to explore the policies' effects on prices, volumes, and export receipts over a decade. Although the potential for adverse effects exists, this finding is not an argument against devaluation, since the beneficial effects of such a policy in other areas might outweigh the short-run effect on major commodity exports.

Date: 1988
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