haku: @author Gray, P. / yhteensä: 5
viite: 2 / 5
| Tekijä: | Gray, P. |
| Otsikko: | Underestimating the costs of overvaluation |
| Lehti: | Review of Political Economy
1996 : JUL, VOL. 8:3, p. 291-302 |
| Asiasana: | ECONOMICS STOCK RETURNS GERMANY |
| Kieli: | eng |
| Tiivistelmä: | In addition to the obvious cost of the debt burned on loans used to finance deficits, overvaluation of a national currency weakens the competitiveness of national industries and contributes to the likelihood of more serious, delayed costs of adjustment and intersectoral reallocation of resources. These costs are heavy costs to put against the political expedient of delaying the realignment of an overvalued currency. Overvaluation of a national currency is not, as a matter of fact, a precise concept, claims the author of the present article. |
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