Exchange rate variations and export competitiveness in less developed countries under generalized floating
识别了普遍浮动汇率制下有效汇率变动的两个基本来源，为23个发展中国家构建了基于有效汇率的出口竞争力指标，分析了1973年3月至1979年12月间的月度变化和趋势，发现货币贬值不一定带来出口竞争力的持久改善。
Abstract This paper identifies two basic sources of effective exhange rate (EER) changes under the present system of generalized currency floating and formulates some EER‐based measures of relative export competitiveness in developing countries. These measures are presented and analyzed in terms of their monthly movements and trends over the period from March 1973 to December 1979 for twenty‐three developing countries. Export profitability vis‐à‐vis import‐competing production is shown to have been affected by major currency realignments only to a moderate extent. Normal currency depreciation, both small and large, is found not to lead necessarily to a permanent improvement in export competitiveness. The relationship between the type of exchange rate management and ability of the national authorities to adopt monetary and fiscal policies supportive of real exchange rate adjustment is also empirically examined. Notes University of the Philippines and the World Bank. This paper was written in the author's capacity as consultant to the Economic Analysis and Projections Department of the World Bank. Nguyen Tho and William Shaw provided able computational assistance. The author also benefited from long discussions with James Riedel. Views expressed in the paper are personal and should not be attributed to the World Bank.