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The Role of Politics and Institutions in LDC Currency Devaluations

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posted on 2010-01-26, 16:15 authored by Anja Shortland
This paper examines political, institutional and economic determinants of exchange rate performance in less developed countries in the 1990s. It models exchange rate depreciations as two separate processes, firstly a process determining whether a currency is devalued and secondly a process determining the size of devaluation. The paper utilizes the most recent political and institutional data as well as a new index of central bank governor turnover in the 1990s to examine the relative importance of political and economic factors. While institutional and political factors dominate the probability of devaluation, the size of devaluations is mainly governed by economic factors.

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Publisher

Dept. of Economics, University of Leicester

Available date

2010-01-26

Publisher version

http://www.le.ac.uk/economics/research/discussion/papers2004.html

Book series

Papers in Economics;04/30

Language

en

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