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Exchange Rate Parity for Trade and Development

Author

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  • Yotopoulos,Pan A.
Abstract
This book extends recent theories of incomplete markets to investigate empirically the appropriate balance between the market and the state in the trade relations between developed and developing countries. The conclusion is that in an ideal world government intervention in foreign exchange and trade is necessary in developing countries in the early stages and inevitably decreases as development occurs. Rationing of foreign exchange prevents a 'soft currency distortion' that commonly afflicts developing countries and can turn comparative advantage trade into competitive devaluation trade, with severe losses of income and welfare. Yotopoulos finds that the level of underdevelopment narrowly circumscribes and conditions the extent to which free-market, free-trade, laissez-faire can be beneficial, contrary to the mainstream policy paradigm as currently applied. The analysis and tests draw on empirical research from seventy countries and four extended country studies to confirm the usefulness and validity of the theoretical framework.

Suggested Citation

  • Yotopoulos,Pan A., 1996. "Exchange Rate Parity for Trade and Development," Cambridge Books, Cambridge University Press, number 9780521482165, January.
    • Handle: RePEc:cup:cbooks:9780521482165
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    Citations

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    Cited by:

    1. Shehu Usman Rano Aliyu, 2010. "Exchange rate volatility and export trade in Nigeria: an empirical investigation," Applied Financial Economics, Taylor & Francis Journals, vol. 20(13), pages 1071-1084.
    2. Yasuyuki Sawada & Pan A. Yotopoulos, 2006. "Growth and Poverty Reduction Under Globalization: The Systematic Impact of Exchange Rate Misalignment," Discussion Papers 06-014, Stanford Institute for Economic Policy Research.
    3. Rabah Arezki & Kirk Hamilton & Kazim Kazimov, 2011. "Resource Windfalls, Macroeconmic Stability and Growth: The Role of Political Institutions," CESifo Working Paper Series 3678, CESifo.
    4. Tausch, Arno, 2006. "The Lisbon process, re-visited. A reality check of the European social model," MPRA Paper 310, University Library of Munich, Germany, revised 2006.
    5. Masters, William A. & Ianchovichina, Elena, 1998. "Measuring exchange rate misalignment: Inflation differentials and domestic relative prices," World Development, Elsevier, vol. 26(3), pages 465-477, March.
    6. Tausch, Arno, 2007. "Correctly finger-pointing the Lisbon-process-villains," MPRA Paper 1890, University Library of Munich, Germany.
    7. SAWADA Yasuyuki & Pan A. YOTOPOULOS, 2001. "Currency Substitution, Speculation and Crises: Theory and Empirical Analysis," ESRI Discussion paper series 007, Economic and Social Research Institute (ESRI).
    8. Simeon Coleman & Juan Carlos Cuestas & Estefanía Mourelle, 2011. "Investigating the oil price-exchange rate nexus: Evidence from Africa," Working Papers 2011015, The University of Sheffield, Department of Economics, revised May 2011.
    9. Yasuyuki Swada & Pan A. Yotopoulos, 2005. "Corner Solutions, Crises, and Capital Controls: A Theory and an Empirical Analyas on the Optimal Exchane Rate Regime in Emerging Economies," Discussion Papers 04-037, Stanford Institute for Economic Policy Research.
    10. Olimov, Ulugbek & Sirajiddinov, Nishanbay, 2008. "The Effects of the Real Exchange Rate Volatility and Misalignments on Foreign Trade Flows in Uzbekistan," MPRA Paper 9749, University Library of Munich, Germany.
    11. Gábor Oblath & Andrzej Slawinski & Arno Tausch, 2006. "Monthly Report 7/2006," wiiw Monthly Reports 2006-07, The Vienna Institute for International Economic Studies, wiiw.
    12. Tausch, Arno, 2015. "Europe’s Refugee Crisis. Zur aktuellen politischen Ökonomie von Migration, Asyl und Integration in Europa [Europe's Refugee Crisis. On the current political economy of migration, asylum and integra," MPRA Paper 67400, University Library of Munich, Germany.
    13. Romano, Donato, 2006. "Agriculture in the Age of Globalization," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25253, International Association of Agricultural Economists.
    14. Pan Yotopoulos & Yasuyuki Sawada, 2006. "Exchange rate misalignment: a new test of long-run PPP based on cross-country data," Applied Financial Economics, Taylor & Francis Journals, vol. 16(1-2), pages 127-134.
    15. Yotopoulos, Pan A., 1997. "Financial Crises and the Benefits of Mildly Repressed Exchange Rates," SSE/EFI Working Paper Series in Economics and Finance 202, Stockholm School of Economics.
    16. Armah Bartholomew, 2000. "Does Latin America Have More to Gain From Exchange Rate Liberalization than Sub-Saharan Africa?," International Economic Journal, Taylor & Francis Journals, vol. 14(2), pages 113-132.
    17. Pan A. Yotopoulos & Yasuyuki Sawada, 2005. "Exchange Rate Misalignment: A New Test of Long-Run PPP Based on Cross-Country Data (Subsequently published in "Applied Financial Economics", 16, 127-134, 2006. )," CARF F-Series CARF-F-021, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    18. Yotopoulos, Pan A., 2000. "New Theories in Growth and Development: Fabrizio Coricelli, Massimo di Mateo, and Frank Hahn, Macmillan and St. Martin's, London and New York, 1998," Journal of Economic Behavior & Organization, Elsevier, vol. 42(1), pages 141-143, May.
    19. Rabah Arezki & Klaus Deininger & Harris Selod, 2012. "What drives the global rush?," NCID Working Papers 02/2012, Navarra Center for International Development, University of Navarra.

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