Description: FREE SHIPPING UK WIDE Demanding Devaluation by David A. Steinberg In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. FORMAT Hardcover LANGUAGE English CONDITION Brand New Publisher Description Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers purchasing power but often reduces economic growth. In Demanding Devaluation, David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a countrys domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate.A countrys domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result. Author Biography David A. Steinberg is Assistant Professor of International Political Economy at The Johns Hopkins Universitys School of Advanced International Studies in Washington, D.C. Table of Contents Introduction 1. A Conditional Preference Theory of Undervalued Exchange Rates 2. Cross-Country Patterns in Exchange Rate Policy and Preferences 3. Why China Undervalues Its Exchange Rate: The Domestic Politics of Currency Manipulation 4. The Political Appeal of Overvaluation: Industrial Interests and the Repeated Overvaluation of the Argentine Peso 5. Interests, Institutions, and Exchange Rates in South Korea, Mexico, and Iran Conclusion Appendix: Author Interviews References Index Review "Why does China maintain an artificially weak currency whereas Argentina and Mexico have historically maintained overvalued currencies? In Demanding Devaluation, David Steinberg offers an analytical framework centered on the preferences of manufacturers, the rights of workers, and the extent of state control over the financial system. This excellent book-with its compelling quantitative tests and in-depth case studies-will quickly become an essential read in the field of exchange rate politics."-David Andrew Singer, MIT, author of Regulating Capital: Setting Standards for the International Financial System "In Demanding Devaluation, David A. Steinberg addresses an enduring and fundamental puzzle of developing economies: Why, despite sound economic theory and strong empirical evidence that an undervalued exchange rate benefits long-term growth, do so many countries have an overvalued exchange rate? For Steinberg, the answer is politics. Skillfully mixing quantitative tests and compelling case studies, Steinberg shows how sectoral policy interests and state power intersect to shape the exchange rate. Scholars, students, and policymakers interested in understanding the political foundations of economic performance in the developing world will benefit from Steinbergs insightful and lucid analysis."-William T. Bernhard, University of Illinois at Urbana-Champaign, coauthor of Democratic Processes and Financial Markets: Pricing Politics Prizes Winner of Winner, Peter Katzenstein Book Prize (Department o. Long Description Exchange rate policy has profound consequences for economic development, financial crises, and international political conflict. Some governments in the developing world maintain excessively weak and "undervalued" exchange rates, a policy that promotes export-led development but often heightens tensions with foreign governments. Many other developing countries "overvalue" their exchange rates, which increases consumers purchasing power but often reduces economic growth. In Demanding Devaluation , David Steinberg argues that the demands of powerful interest groups often dictate government decisions about the level of the exchange rate. Combining rich qualitative case studies of China, Argentina, South Korea, Mexico, and Iran with cross-national statistical analyses, Steinberg reveals that exchange rate policy is heavily influenced by a countrys domestic political arrangements. Interest group demands influence exchange rate policy, and national institutional structures shape whether interest groups lobby for an undervalued or an overvalued rate. A countrys domestic political system helps determine whether it undervalues its exchange rate and experiences explosive economic growth or if it overvalues its exchange rate and sees its economy stagnate as a result. Review Quote "Why does China maintain an artificially weak currency whereas Argentina and Mexico have historically maintained overvalued currencies? In Demanding Devaluation, David Steinberg offers an analytical framework centered on the preferences of manufacturers, the rights of workers, and the extent of state control over the financial system. This excellent book-with its compelling quantitative tests and in-depth case studies-will quickly become an essential read in the field of exchange rate politics."-David Andrew Singer, MIT, author of Regulating Capital: Setting Standards for the International Financial System Details ISBN0801453844 Publisher Cornell University Press Year 2015 ISBN-10 0801453844 ISBN-13 9780801453847 Format Hardcover Imprint Cornell University Press Subtitle Exchange Rate Politics in the Developing World Place of Publication Ithaca Country of Publication United States DEWEY 332.456091724 Author David A. Steinberg Short Title DEMANDING DEVALUATION Language English Media Book Pages 288 Illustrations 21 Tables, unspecified Publication Date 2015-05-29 UK Release Date 2015-05-29 AU Release Date 2015-05-29 NZ Release Date 2015-05-29 US Release Date 2015-05-29 Series Cornell Studies in Money Alternative 9780801454257 Audience Undergraduate We've got this At The Nile, if you're looking for it, we've got it. 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ISBN-13: 9780801453847
Book Title: Demanding Devaluation
Number of Pages: 288 Pages
Language: English
Publication Name: Demanding Devaluation: Exchange Rate Politics in the Developing World
Publisher: Cornell University Press
Publication Year: 2015
Subject: Economics
Item Height: 235 mm
Item Weight: 28 g
Type: Textbook
Author: David A. Steinberg
Series: Cornell Studies in Money
Item Width: 155 mm
Format: Hardcover
