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Export promotion, exchange rates and commodity prices

Bhaskar, V.; (1991) Export promotion, exchange rates and commodity prices. Economic and Political Weekly , 26 (20) pp. 1277-1288. Green open access

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Abstract

The collapse of primary commodity prices in the 1980s has been prolonged and has severely affected many developing countries. While low commodity prices can be partly explained by sluggish demand due to slow growth in the industrialised countries, high interest rates and technological change, this does not seem a complete explanation. This paper examines the evidence in favour of the hypothesis that supply factors have partly been responsible. Many developing countries have faced severe balance of payments difficulties, in part due to the debt crisis, and have resorted to real exchange rate devaluations in order to boost export earnings. Such devaluations may have boosted export supplies, or prevented downward adjustments in capacity, and therefore put pressure on commodity prices. It also considers the policy implications of this externality, whereby attempts to boost export earnings in one primary producing country adversely affect the prices received by others.

Type: Article
Title: Export promotion, exchange rates and commodity prices
Open access status: An open access version is available from UCL Discovery
Publisher version: http://www.jstor.org/stable/4398029
Language: English
Additional information: This issue is currently available through JSTOR subscription
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/15491
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