exceptionally large short-term debt, precisely because a devaluation is not an option. In a more conventional fixed peg, it can be …

specifically, as an anticipated devaluation under an exchange rate rule leads to well-known contractionary effects, an anticipated …

generally led to currency devaluation, measured as a decline in the value of the currency in terms of the trade-weighted nominal … effective exchange rate. The effect of inflation on devaluation, however, became weaker following the financial reforms … undertaken in the early 1980s. The effect of devaluation on inflation was not significant, and this result remained robust …

confidence loss in the exchange rate regime, the relative performance of net exporters suggests that expectations of devaluation …