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A Conditional Preference Theory of Undervalued Exchange Rates

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter develops the conditional preference theory, which contends that the preferences of powerful interest groups are the most important driver of exchange rate policy. Those preferences, ... More


Interests, Institutions, and Exchange Rates in South Korea, Mexico, and Iran

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0006
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter investigates the impact of interests and institutions on exchange rate policy with case studies of South Korea, Mexico, and Iran. It shows that Korean policymakers in the 1960s and 1970s ... More


Why China Undervalues Its Exchange Rate: The Domestic Politics of Currency Manipulation

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

China's undervalued exchange rate has affected the world economy in numerous ways and is among the most contentious issues in contemporary international politics. This chapter examines whether the ... More


The Political Appeal of Overvaluation: Industrial Interests and the Repeated Overvaluation of the Argentine Peso

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter evaluates whether exchange rate overvaluation in Argentina follows the logic of the conditional preference theory. The first part documents the Argentine state's inability to control its ... More


Demanding Devaluation: Exchange Rate Politics in the Developing World

David A. Steinberg

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and ... More


Introduction

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This introductory chapter sets out the book's purpose, which is to explain why a relatively small number of developing countries keep their exchange rates undervalued while many more overvalue their ... More


Cross-Country Patterns in Exchange Rate Policy and Preferences

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter uses two different cross-national quantitative datasets to address the following question: Why do some developing countries undervalue their exchange rates while others maintain ... More


Conclusion

David A. Steinberg

in Demanding Devaluation: Exchange Rate Politics in the Developing World

Published in print:
2015
Published Online:
August 2016
ISBN:
9780801453847
eISBN:
9780801454257
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453847.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This concluding chapter reviews the evidence provided in chapters 2 through 5. The evidence confirms that preferences for undervalued exchange rates are context-dependent, and that powerful interest ... More


A Semisecret Negotiation, Late March–Mid-July 1978

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0007
Subject:
Political Science, European Union

This chapter examines the quest for a new philosophy of the European Economic Community (EEC) exchange rate system, from Helmut Schmidt's “exotic idea” of late March 1978 to the publication of the ... More


Let’s Not Get Carried Away: Emerging-Market Innovations in the Wake of the Crisis

Kevin P. Gallagher

in Ruling Capital: Emerging Markets and the Reregulation of Cross-Border Finance

Published in print:
2014
Published Online:
August 2016
ISBN:
9780801453113
eISBN:
9780801454615
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801453113.003.0004
Subject:
Political Science, Political Economy

This chapter examines the condition of emerging-market and developing countries (EMD) in the midst of global financial crisis. EMDs experienced a surge in cross-border financial inflows, which ... More


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