| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6889 |
| 来源ID | Working Paper 6889 |
| Competitive Devaluations: A Welfare-Based Approach | |
| Giancarlo Corsetti; Paolo Pesenti; Nouriel Roubini; Cedric Tille | |
| 发表日期 | 1999 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper studies the mechanism of international transmission of exchange rate shocks within a 3-country Center-Periphery model, providing a choice-theoretic framework for the policy analysis and empirical assessment of competitive devaluations. If relative prices and terms of trade exhibit some flexibility conforming to the law of one price, a devaluation by one country is beggar-thy-neighbor relative to another country through its effects on cost-competitiveness in a third market. Yet, due to direct bilateral trade among the two countries, there is a large range of parameter values for which a country is better off by maintaining a peg in response to its partner's devaluation. If instead deviations from the law of one price are to be considered the dominant empirical paradigm, then the beggar-thy-neighbor effect based on competition in a third market may disappear. However, a country's devaluation has a negative welfare impact on the economies of its trading partners based on the deterioration of their export revenues and profits and the increase in disutility from higher labor effort for any level of consumption. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w6889 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564400 |
| 推荐引用方式 GB/T 7714 | Giancarlo Corsetti,Paolo Pesenti,Nouriel Roubini,et al. Competitive Devaluations: A Welfare-Based Approach. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6889.pdf（332KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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