Output effects of devaluation: Evidence from Asia
研究了亚洲六个发展中国家货币贬值对产出的影响，发现贬值在短期、中期和长期均未对产出产生显著效果，仅相对价格水平有微弱影响。
We study the effect of devaluation on output in six developing countries of Asia. In an empirical model that includes monetary, fiscal, and external variables, we examine the impact of devaluation as the effect of real exchange depreciation and alternatively as the effect of nominal devaluation and changes in the foreign‐to‐domestic price ratio. We find that with few exceptions a devaluation fails to make any effect on output over any length of time — short run, intermediate run or long run. Whatever effect on output we are able to uncover comes from the relative price level (the ratio of foreign to domestic prices) but not from nominal devaluation.