{"product_id":"exchange-rate-parity-for-trade-and-development-theory-tests-and-case-studies-paperback-9780521022620","title":"Exchange Rate Parity for Trade and Development; Theory, Tests, and Case Studies (Paperback \/ softback) 9780521022620","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eExchange Rate Parity for Trade and Development\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eTheory, Tests, and Case Studies\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cem\u003eYotopoulos investigates the appropriate balance between the market and state in the trade relations between developed and developing countries.\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003ePan A. Yotopoulos (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9780521022620, Cambridge University Press\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePaperback \/ softback, published 10 November 2005\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e344 pages, 20 b\/w illus.\u003cbr\u003e22.9 x 15.4 x 21.1 cm, 0.516 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cem\u003e\u003cfont size=\"3\"\u003e'I thoroughly enjoyed reading this book and found it most stimulating. What a pleasure it is to read careful empirical work by an author who worries about what his data mean ... I find the basic analysis interesting and quite convincing in positive terms.' Alan Winters, International Trade Division, The World Bank\u003c\/font\u003e\u003c\/em\u003e\u003c\/p\u003e\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003eThis 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.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003ePart I. A Review of the Terrain: 1. Introduction\u003cbr\u003e 2. Trade and development: the contours of the landscape\u003cbr\u003e 3. Incomplete markets and the 'New Development Economics'\u003cbr\u003e Part II. Theory and Empirical Analysis: 4. Market incompleteness in an open-economy LDC\u003cbr\u003e 5. The relationship between real and nominal exchange rates\u003cbr\u003e 6. Empirical investigation of real exchange rates: tradability and relative prices\u003cbr\u003e 7. An endogenous growth model of incomplete markets in foreign exchange\u003cbr\u003e 8. Are devaluations possibly contractionary? A quasi-Australian model with tradables and nontradables\u003cbr\u003e Part III. Successes and Failures in Development: Good\/Bad Economics and Governance: 9. Japan: overvaluation without rent-seeking\u003cbr\u003e 10. The Philippines: failure in policy and politics\u003cbr\u003e 11. Financial integration and the refractory role of intervention: Uruguay and Taiwan\u003cbr\u003e 12. Summary, conclusions and policy recommendations\u003cbr\u003e Bibliography.\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: International trade [\u003ca title=\"See our other books on International trade\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22International%20trade%20%5BKCLT%5D%22\"\u003eKCLT\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":46006167175448,"sku":"9780521022620","price":30.99,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/products\/9780521022620i.jpg?v=1694963596","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/exchange-rate-parity-for-trade-and-development-theory-tests-and-case-studies-paperback-9780521022620","provider":"Freshly Printed Books","version":"1.0","type":"link"}