This reflected a decrease in real terms, due to inflation and the devaluation of the dollar.

Devaluation of the currency.

A Devaluation Option for Southern Europe

For example, a thoughtfully designed crawling peg can stop the real exchange rate from appreciating, the trade balance from widening and the expectation of a significant devaluation from growing.12

In a monetary union, there are only two ways to close a competitiveness gap between countries transfers from the more competitive to the less competitive, or internal devaluation, which means real wage cuts.

Both act as a wealth levy inflation means that bondholders suffer a real loss in proportion to their wealth and the size of the devaluation. If taxes on capital are not adjusted, holders of domestic stocks suffer a comparable loss.

Vicious circles of economic instability, devaluation, and capital flight have brought down seemingly unbreakable regimes throughout history. This probably explains the whiff of panic that followed China s tiny, but totally unexpected, devaluation of the renminbi.

The standard way to buffer the effects of austerity is to marry domestic cuts to devaluation of the currency. Devaluation renders exports more competitive, thus substituting external demand for the domestic demand that is being compressed.

But if the US does use the inflation tax as a way to reduce the real value of its public debt, the risk of a disorderly collapse of the US dollar would rise significantly. America s foreign creditors would not accept a sharp reduction in their dollar assets real value that debasement of the dollar via inflation and devaluation would entail.

This sharp devaluation increased further the cost of debt servicing and the debt to GDP ratio.

Many SMEs were unable to survive because of premature and sudden removal of protection and devaluation.

But it isn t just importers who are blocking real devaluation. Unions, too, are resisting the necessary wage reductions, and public and private debtors fear the prospect of insolvency if their assets and revenues are assessed at a lower value, while their debts remain unchanged.

During the 1998 financial crisis, devaluation would have hurt those who owned local real estate but had little earnings or assets in US dollars. Not surprisingly, Hong Kong s oligopoly of property tycoons opposed changing the peg despite the currency s gross overvalue at the time.

Manifestations of discrimination include high instances of child and bonded labour, unequal pay, unemployment and emotional devaluation.

The situation of some countries had worsened recently as a result of the devaluation of their currency.

If internal devaluation were the solution, the gold standard would not have been a problem in the Great Depression. Internal devaluation, combined with austerity and the single market principle (which facilitates capital flight and the hemorrhaging of banking systems) is a toxic combination.

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A slight devaluation would solve any remaining problem with export demand. This could be an explicit devaluation or an implicit one due to a price reduction, made possible by the reduction in unit production costs resulting from the extra working time at constant pay.

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Given these factors, it seems likely that the recent devaluation was driven by a different goal. And, in fact, an announcement made on the same day as the devaluation one that has been largely overshadowed by the panic offers an important indication of what that goal was.

But, since none of these countries has a national currency to devalue, they must substitute internal devaluation for external devaluation. They have to cut wages, pensions, and other costs in order to achieve the same gain in competitiveness needed to substitute external demand for internal demand.

The logic is that a country like Greece needs devaluation to enhance its competitiveness, but that leaving the euro would pose major problems. The alternative would be to cut nominal wages ( internal devaluation), which is hard to do (though it has been achieved in Latvia and Ireland).

Of course, regaining the exchange rate as an instrument for competitive devaluation could help overcome competitiveness losses due to soaring unit labor costs. As Argentina showed after its default and devaluation in the winter of 2001 2002, such a move can reignite exports and economic growth.

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Devaluation results in uniform price changes over the whole range of tradeable goods rather than for a selected number of products.

(g) ILO Tripartite Conference on the Socio Economic Implications of the Devaluation of the (CFA), Dakar (Senegal), 17 20 October 1994

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If one concentrates on trade liberalization and devaluation, the two main tools of SAPs which affect the performance of firms directly, one finds that there is no clear and systematic association between trade liberalization and devaluation, on the one hand, and growth and diversification of output and exports on the other.

Currency devaluation policies to promote exports increased the costs of imported goods and made it increasingly difficult to service debt in dollars.

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First, devaluation would distribute the costs of rebalancing more evenly, making it easier to clear the burden sharing hurdle to deeper reforms. Second, floating exchange rates imply that devaluation is an automatic adjustment mechanism, so it occurs without the appearance of an explicit burden sharing choice and the accompanying potential for political gridlock.

50. Field defence stores. The unutilized balance of 7,200 was due to the devaluation of the Syrian pound and lower than estimated requirements.