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SCOPUS 학술저널

Liberalized Exchange Rate Management System and Devaluation in India: Trade Balance Effect

Liberalized Exchange Rate Management System and Devaluation in India: Trade Balance Effect

This paper examines the short run trade balance effects of the recent exchange rate policies in India in terms of the extended Jones-Corden [1976] model. With rigidity of money wage rate as the target of concurrent fiscal policy, a change in the LERMS formula improves trade balance only if non-trade-ables are relatively labour-intensive. A devaluation might still fail to improve trade balance, on the other hand, in presence of imported input. The Jones-Corden condition thus gets modified in presence of imported input.

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