Developmental states and undervalued exchange rates in the developing world
| العنوان: | Developmental states and undervalued exchange rates in the developing world |
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| المؤلفون: | David A. Steinberg |
| المصدر: | Review of International Political Economy. 23:418-449 |
| بيانات النشر: | Informa UK Limited, 2016. |
| سنة النشر: | 2016 |
| مصطلحات موضوعية: | Economics and Econometrics, Sociology and Political Science, State control, 05 social sciences, Developing country, Monetary economics, International economics, 0506 political science, Manufacturing sector, Exchange rate, Developmental state, Argument, 0502 economics and business, Political Science and International Relations, 050602 political science & public administration, Economics, Survey data collection, 050207 economics |
| الوصف: | This paper investigates why some developing countries maintain weak and undervalued exchange rates while others do not. I argue that one key feature of the ‘developmental state’ – namely, state control over the financial system – contributes to an undervalued exchange rate. However, state control of finance promotes undervaluation under a narrower set of conditions than most developmental state theories suggest. State-owned banks increase support for exchange rate undervaluation from certain interest groups. When those interest groups are politically important, state-owned banks encourage policymakers to undervalue their exchange rates. Two sets of empirical analyses support the argument. Using time-series – cross-sectional data, I show that state-owned banks are associated with undervalued exchange rates, but only in developing countries with large manufacturing sectors. Second, analyses of firm-level survey data reveal that state-owned banks increase the manufacturing sector's support for an und... |
| تدمد: | 1466-4526 0969-2290 |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_________::abcc8784c997fc5e252aab4c443b0cd4 https://doi.org/10.1080/09692290.2015.1135177 |
| رقم الأكسشن: | edsair.doi...........abcc8784c997fc5e252aab4c443b0cd4 |
| قاعدة البيانات: | OpenAIRE |
PDF full text from Publisher | تدمد: | 14664526 09692290 |
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