Devaluing to Prosperity : Misaligned Currencies and Their Growth Consequences

Cover -- Preface -- Acknowledgments -- Ch 1. Introduction -- What Determines Growth: Geography? Technology? Policy? -- The Primacy of Exchange Rate Policy -- A Guide to the Book -- Ch 2. Determinants of Economic Growth -- The Historical Context -- Some Explanations of Growth -- Growth since 1950 -- Popular Theories -- Growth Policies: The Washington Consensus -- Ch 3. Currency Valuation, Savings, and the Current Account -- Currency Valuation and Savings -- Current Account Balance and Growth -- Currency Valuation and the Current Account -- Ch 4. Measuring Currency Valuation -- Equilibrium Exchange Rates -- Real Exchange Rates -- Currency Misalignments -- Real Exchange Rates and Income -- Different Measures of Currency Valuation -- Income, Currency Valuation, and Growth: A Review -- Ch 5. The Yin and Yang of Investment -- Currency Valuation and Investment -- Investment Impact of Currency Devaluation -- Investment as the Channel of Influence -- Ch 6. Is the Real Exchange Rate Endogenous? -- An Endogenous Real Exchange Rate: The Theory -- The Impossible Trinity -- Passive Devaluation -- Changes in Currency Valuation, 1980-2011 -- Is China a Currency Manipulator? -- In Summary -- Ch 7. Rashomon Rules: US Dollar, Euro Dollar… -- US Current Account Deficit -- Valuations of the Dollar -- Currency Valuations and the US Current Account Deficit -- Whither the Dollar? -- Ch 8. Currency Valuation and Growth -- Overview -- Econometric Models of Growth -- Tests of Simple Growth Models -- Conclusion -- Ch 9. Policy Failures and Growth Miracles -- Growth Successes and Failures -- Explanations for Failure -- Structural Breaks in Growth -- Explaining Growth Acceleration -- Ch 10. Mercantilism and Miracles -- Defining Mercantilism -- Mercantilism and Growth -- Miracle Economies -- Ch 11. Institutions versus Exchange Rate Policy -- The Conventional Wisdom.