On the Effect of Devaluation During Stabilization Programs in LDCs
通过跨国数据研究发展中国家在稳定计划期间实际货币贬值对产能利用率的影响，发现贬值显著抑制产出，主要原因是投资急剧收缩，而非储蓄增加。
This paper is a cross-section study of the effect of real devaluations on capacity utilization during stabilization programs in LDCs. It finds that such devaluations had a significant negative effect on output as predicted in many recent papers. This was not because devaluation caused a rise in aggregate saving but more because of a sharp contraction in investment. External factors, such as terms of trade and the capacity to import, had a significant positive impact while monetary and fiscal policy played only a minor role. Copyright 1992 by MIT Press.