Kiguel, Miguel A.; Ghei, Nita - Economics Research, World Bank Group - 1993
In the current period of devaluation pessimism, devaluation is often seen as an instrument to accommodate inflation … macroeconomic performance. It is most effective if it corrects an initial situation where the currency is clearly overvalued. In low-inflation … maxi-devaluation in low-inflation countries on the real exchange rate, inflation, and growth. They use a sample of 33 maxi …