This article analyzes the theory of equilibrium real exchange rates and defines misalignment as a deviation of the real exchange rate (RER) from its equilibrium level. The role of macroeconomic policies is then analyzed under three alternative nominal exchange rate regimes: predetermined nominal exchange rates, floating nominal rates, and dual or black market nominal exchange rates. This discussion points out how inconsistent macroeconomic policies...
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INFORMATION
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1989/01/31
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Article de revue
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8735
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1
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1
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2001/04/27
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Exchange rate misalignment in developing countries
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nominal exchange rate
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