This study examines 28 selected cases of transition from a fixed to a more flexible exchange rate combined with devaluation over the period 1980–2013. The crises examined generally prove to be significantly correlated to a reduction in real wages and the wage share. However, both groups are...

The present paper investigates 28 episodes of transition from a fixed to a relatively more flexible exchange rate regime, taking place together with a depreciation of the national currency by more than 25% with respect to the US dollar, in the time period between 1980 and 2013. On average, the...